QUESTION FIVE Brian supplies customized ear buds. At a price of K6, and K12, only 12 and 5 are demanded respectively, at a price of K16 and K12 only 13 and 9 supplied a. Write the supply and demand functions in the form of q = mp b. Define the following terms Equilibrium levels i. ii. iii. iv. Consumer surplus Producer surplus Total surplus c. Hence, algebraically determine the equilibrium prices and quantities (leaving your answer in the form , b > 0)

QUESTION FIVE Brian supplies customized ear buds. At a price of K6, and K12, only 12 and 5 are demanded respectively, at a price of K16 and K12 only 13 and 9 supplied a. Write the supply and demand functions in the form of q = mp b. Define the following terms Equilibrium levels i. ii. iii. iv. Consumer surplus Producer surplus Total surplus c. Hence, algebraically determine the equilibrium prices and quantities (leaving your answer in the form , b > 0)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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