University of Lusaka (UNILUS) has over the past years provided quality education in recognized higher education degrees in Business, Education, IT, Law and Health field. To meet the growing demand for the offered degrees, UNILUS has expanded from an inception Campus Pioneer Campus to two additional campuses in Bauleni and Silverest known as Leopards Hill and Silverest Campus respectively.

Assuming UNILUS embarks on opening a fourth Campus known as UNILUSBENG Campus offering engineering degree courses, you have been employed to administer the admission forms for the program. Suppose the supply of an admission form is given by the equation Qs = 9P -9 and the demand for the admission form is given by the equation Qd= 18- P, where Q is number of admission forms and P is the price of a form measured in Kwacha. Page 2 of 2 Required

a) What is the equilibrium price of the admission form? 

b) What is the equilibrium quantity demanded for the admission forms? 

c) Draw the diagram that shows the Supply curve, Demand curve and the Equilibrium quantity and price. Clearly label the X and Y axis as well as the supply and demand curve equations

d) Suppose UNILUS increases the price by 20% after selling the forms for two weeks;

a. Determine the new price of the admission form? 

b. Calculate the new equilibrium quantity demanded for the admission forms? 

c. Draw the diagram that shows the Supply curve, Demand curve and the Equilibrium quantity and price. 

Answer rating: 100% (QA)

9P 9 Od 18 P At the faint q equilibrium 9P9 18P 9P1 189 27 p 27 To 3D 927 4 l8 ... View the full answer