Question: . a) Define the terms Demand Function , Supply Function and Market Equilibrium . Do you think that market equilibrium situation eliminates both market surplus

. a) Define the terms Demand Function, Supply Function and Market Equilibrium. Do you think that market equilibrium situation eliminates both market surplus and market shortage? Explain graphically.

b) Assume that demand and supply functions of Portable Hard Disk are as follows:

Q_d = 1000 - 50P and

Q_S = -200 + 50P respectively.

(i) Find the equilibrium price and quantity in the market for Hard Disk.

Assume that government has imposed 20 Taka tax on per Hard Disk produced by the producer.

(ii) Find the equilibrium price and quantity in the market for Hard Disk

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