Question 4 a. The demand for pancakes is given by Qd = 40 – 5P and the supply is given by Qs = 10P – 20, where P = price What is the equilibrium price and equilibrium quantity? b. The price for iPhones in Barbados has increased significantly. Demand for the cellular device has also increased. This is contrary to the law of demand. Do you agree or disagree? Explain your answer. c. Identify the flaw in this analysis: "If more Jamaicans become vegetarians, the demand for beef will fall. The decrease in the demand for beef will cause the price of beef to fall. The lower price, however, will then increase the demand.

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