Consider a hypothetical situation at the Mitengo Market in Ndola where there are 1000 identical individuals buying bananas, hereafter, to be called commodity X. Each of these individuals has a demand function given by Qdx = 6-Px. In the same market there are also 100 identical producers of bananas from Ndola, each with a supply function given by Qsx = 10Px. (a) Find the market demand function and market supply function (b) Obtain the equilibrium price and quantity mathematically

ENGR.ECONOMIC ANALYSIS
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Chapter1: Making Economics Decisions
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  • Consider a hypothetical situation at the Mitengo Market in Ndola where there are 1000 identical individuals buying bananas, hereafter, to be called commodity X. Each of these individuals has a demand function given by Qdx = 6-Px. In the same market there are also 100 identical producers of bananas from Ndola, each with a supply function given by Qsx = 10Px.
  • (a) Find the market demand function and market supply function
  • (b) Obtain the equilibrium price and quantity mathematically
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