2. The demand and supply functions of shirts are given by; Demand function: P = 50 - 1.5Q Supply function: P = 22 + 2Q Using the information above; Analyse the introduction of price maximum of GH¢15 on shirt in the market ii. Calculate the profit made by black marketers if black market operated in this market as a result of the introduction of price maximum of GH¢15 in the market

2. The demand and supply functions of shirts are given by; Demand function: P = 50 - 1.5Q Supply function: P = 22 + 2Q Using the information above; Analyse the introduction of price maximum of GH¢15 on shirt in the market ii. Calculate the profit made by black marketers if black market operated in this market as a result of the introduction of price maximum of GH¢15 in the market

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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