Problem 1:
(I) The demand and supply functions for a good are given by
D = 50 - 0.5P and S = 20 + 0.25P (Where P is price)
Q1: Calculate quantity demanded when price is Rs 10
Q2: Calculate quantity supplied when price is Rs 20
Q3: Calculate the equilibrium prices and quantities.
Q4: Calculate the shortage/ surplus if government imposes a regulatory price of Rs 60.
Q5: If the demand curve shifts to D′ = 100 - 0.5P, compute the new equilibrium price and quantity.
(II)
Q1: With the aid of examples, explain and illustrate price elasticity of demand and income elasticity of demand.
Q2: Using these concepts explain and comment on measures which might be taken to increase the revenue of a typical small business in your country.
Problem 2: Compare perfect competition and monopoly in respect of price, output and profits.
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