Question: solve these Question No. 02 1. Briefly explain the law of demand and law of supply (4 marks) 2. Differentiate between Change in Quantity demanded'

solve these

Question No. 02 1. Briefly explain the law of demand and law of supply (4 marks) 2. Differentiate between "Change in Quantity demanded' and 'Change in Demand (6 marks) 3. Demand and supply for product "X" are given as follows Price of cakes (Rs.) Quantity demanded (Units) Quantity supplied ( Units) 720 600 240 120 480 480 160 360 720 200 240 960 a) Formulate the demand and supply equations based on above table (5 Marks) b) Calculate equilibrium price and the quantity using demand and supply equations

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