In Agfa,at a Market Price of $3 Per Kilo,there Is

question 49

Essay

In Agfa,at a market price of $3 per kilo,there is a shortage of 60 kilos of basmati rice.For each 50-cent increase in the price,the quantity demanded drops by 8 kilos,while the quantity supplied increases by 12 kilos.
a)What will be the equilibrium price?
b)What will be the surplus/shortage at a price of $5.50?

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Definitions:

Suicide Sacs

Specialized organelles in cells, known as lysosomes, that contain digestive enzymes which can break down the cell upon damage or death, acting as a cellular self-destruct mechanism.

Smooth Endoplasmic Reticulum

A type of endoplasmic reticulum without ribosomes, involved in lipid synthesis and detoxification processes.

Rough Endoplasmic Reticulum

A network of membranous tubules within the cell covered with ribosomes, involved in protein synthesis and modification.

Lipid Synthesis

Lipid synthesis is the biochemical process by which organisms produce lipids, essential components of cell membranes and energy storage.