4. In a small village in Malawi, there are 100 small dairy farmers who sell milk to the residents in the village. The supply function of milk by each dairy farmer is given by Qs=-2+2P where Qs represents the quantity milk of supplied in liters and P is the price of milk per liter. The market demand for milk by the residents of the villages is given by Qd-400-100P where Qd is the total market demand for milk in liters. a. Derive the equation for the market supply of milk. b. Find the equilibrium price and quantity of milk.

4. In a small village in Malawi, there are 100 small dairy farmers who sell milk to the residents in the village. The supply function of milk by each dairy farmer is given by Qs=-2+2P where Qs represents the quantity milk of supplied in liters and P is the price of milk per liter. The market demand for milk by the residents of the villages is given by Qd-400-100P where Qd is the total market demand for milk in liters. a. Derive the equation for the market supply of milk. b. Find the equilibrium price and quantity of milk.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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