Question: EXERCISE 3: Question 1: Based on the table below, find the solution of a few questions: a) Determine the price and quantity equilibrium for the

EXERCISE 3: Question 1: Based on the table below, find the solution of a few questions: a) Determine the price and quantity equilibrium for the good Y. b) Determine the excess supply for good Y by units at the price is RM1.20. c) Determine the excess demand for good Y at the price is RM Price (RM) Quantity demanded Price (RM) Quantity supplied III IV 0.40 6 8 1.40 12 6 0.60 5 7 1.20 10 5 0.80 4 5 1.00 8 4 1.00 3 3 0.80 6 3 1.20 N O 0.60 4 IN 1.40 1 0 0.40 2 1

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