Question: (a) The weekly demand (Qd) and supply (Qs) functions for a good X are given by:- Qd = 1000 - 5p Qs = -400 +

(a) The weekly demand (Qd) and supply (Qs) functions for a good X are given by:- Qd = 1000 - 5p Qs = -400 + 15p, where P = Price per unit (R)

(i) Draw the demand and supply curves on a graph and find the equilibrium price and quantity (4 marks)

(ii) If the demand function changes to 1200 - 5P, show the changes to part (i) above. (3 marks)

(iii) Suppose a subsidy of R40 per unit is subsequently granted to producers of good X. Determine the new equilibrium price and quantity. (4 marks)

Pls explain and provide diagram for all questions

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