• 1. (a) The demand and supply equations for a good (X) are given by Qd= 2000 – 20p and Qs = - 500 + 30P respectively, where P = price (R). (i) Draw the demand and supply curves for good X on a graph. (5 marks) (ii) Find the equilibrium price and quantity. (2 marks) (iii) The government imposes a specific sales tax of R30 per unit on good X. Show the resulting effect on the graph and find the new equilibrium price and quantity. (3 marks)