Given the following demand and supply function of milk in a market.       Q_{d} = 28 - 4P       + P respectively.       Q_{s} = 18       i.       and       Determine the equilibrium price and quantity of milk?       ii.       If government fixes price at GHC 1.00, find the quantity demanded and supplied of milk and comment on the situation market. in the       What is the full economic price that consumers would end up paying as a result of (ii) above?

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
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Chapter1: Making Economics Decisions
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Given the following demand and supply function of milk in a market.

 

 

 

Q_{d} = 28 - 4P

 

 

 

+ P respectively.

 

 

 

Q_{s} = 18

 

 

 

i.

 

 

 

and

 

 

 

Determine the equilibrium price and quantity of milk?

 

 

 

ii.

 

 

 

If government fixes price at GHC 1.00, find the quantity demanded and supplied of milk and comment on the situation market. in the

 

 

 

What is the full economic price that consumers would end up paying as a result of (ii) above?

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