Discuss a change in demand resulted in a change in the market price.

| November 24, 2016

kindly need the answers within 3 hours 🙂

Q1-Discuss a change in demand resulted in a change in the market price. Provide an example of how a change in supply resulted in a change in the market price. How does the price mechanism work to keep markets in equilibrium?

Q2- Explain demand schedule and demand curve, and how they are related? Why does the demand curve slope downward?

Q3-

You are given the following Functions:

Qd= 40-2P
Qs= 20 +3P

Find the following:
1- Find mathematically and graphically the Equilibrium price and Quantity?
2- If the price is 10 Riyal, what kind of surplus we will have and how much is it?
3- If the equilibrium price increased by one Riyal, what will be the quantity demanded?

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