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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