QUESTION 4 (11 MARKS) A group of grocery stores will buy 80 units of apples from the wholesaler if the price is $320 and 120 units if the price is $280. The supplier will supply 50 units if the price is $100, and 75 units if the price is $150. i. Write the demand and supply functions. (4 marks) ii. Find the market equilibrium. (3 marks) 111. If the government impose a tax of $30. Find the new market equilibrium. (4 marks)
QUESTION 4 (11 MARKS) A group of grocery stores will buy 80 units of apples from the wholesaler if the price is $320 and 120 units if the price is $280. The supplier will supply 50 units if the price is $100, and 75 units if the price is $150. i. Write the demand and supply functions. (4 marks) ii. Find the market equilibrium. (3 marks) 111. If the government impose a tax of $30. Find the new market equilibrium. (4 marks)
Chapter4: Demand, Supply, And Markets
Section: Chapter Questions
Problem 3.4P
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Transcribed Image Text:QUESTION 4 (11 MARKS)
A group
of grocery stores will buy 80 units of apples from the wholesaler if the price is
$320 and 120 units if the price is $280. The supplier will supply 50 units if the price is
$100, and 75 units if the price is $150.
i.
Write the demand and supply functions.
(4 marks)
ii.
Find the market equilibrium.
(3 marks)
111.
If the government impose a tax of $30. Find the new market equilibrium.
(4 marks)
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