Instructions: Given the demand and supply schedules below, solve for the economic functions using the appropriate economic tools. Round off your final answers into two decimal places.
Table 1.Demand and Supply Schedules for Pastries
10 580 245
12 565 263
14 550 281
16 535 299
18 520 317
20 505 335
Determine the demand function for pastries
Solve for the supply function.
Find the market equilibrium price and equilibrium quantity.
What did you observe in the graph?
If the QD would increase by 100 units, what would be the new QD function
With respect to number 5, what would be the new Market Equilibrium.
After illustrating the new graph, what would be the best conclusion to be derived from this problem. Compare the 1st and second graphs.
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