Looking for answers with solutions.1. The demand function is expressed as a. P = 40 - 2Q. b. Q = 80 - 2P. c. Q = 80 - P. d. P = 40 - 5Q.2. The supply function is expressed as a. Q = -10 + 0.5P. b. P = 10 + 0.5Q. c. Q = 4 + 0.4P.d. Q = -10 + 2P.3. If price increased by P10, quantity demanded is expected to decrease by a. 200 units. b. 20 units. c. 10 units. d. 5 units.4. A change in quantity supplied by 5 units, price changes by a. P200. b. P2.50. c. P0.25. d. P25.5. The equilibrium price is valued at a. P20. b. P22.50 c. P60 d. P256. The equilibrium quantity is a. 60 units. b. 20 units. c. 35 units. d. 30 units.7. Suppose that the government sets the price at P50, what is the market condition for this good? a. shortage b. surplus c. disequilibrium d. unstable market8. Given the above condition, how much (in units) is the gap in the market? a. 110 units b. 90 units c. -20 units d. 70 units e. -110 units

Consider the market demand curve and market supply curve for good X below and answer the succeeding quesons. Market Demand and Market Supply Curves For} " ' re