Question: a Suppose the demand function for a product is given as Q4 = 80 2P whilst its supply is given expressed as Q; =

a Suppose the demand function for a product is given as Q4 = 80 — 2P whilst its supply is given expressed as Q; = 2P. Plot the demand and supply curves and identify the equilibrium price and equilibrium quantity. [4]

b Using your diagram from part

a, calculate the quantity of excess demand at a price of $10 per unit and the excess supply at a price of $40 per unit.

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