Assume equations 1 and 2 below were estimated from the data gathered that will represent the demand and supply functions respectively of an individual buyer and seller respectively for product X. Qd, 65,000 – 11.25Px + 15Py – 3.751 + 7.5A Qsx = 7,500 + 14.25Px – 15P, – 3.75C Eq. 1 Eq. 2. where Px price of product X; Py - price of product Y; I - average consumer's income; A – advertising expenditure; Pz - price of product Z; and C - cost of production. — = If the new supply equation will be Qs'x = 26,250 + 712.50PX; 0. What would be the new equilibrium price (round-up to two decimals)? P. How many of this product will be bought and sold at this new market price? Round-up to two decimals. Q. What is the specific reason for this change in supply?
. Assume equations 1 and 2 below were estimated from the data gathered that will represent the
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