Q + 1/3 P = 36 and Q + 9 = 1/2 P Where P = Price of the Commodity in 00' KSH and Q = Quantity is number of pieces
Required:
a) Identify the Demand and Supply function giving the reason for your answer (Show
ALL your workings)
b) Determine the Market equilibrium
c) Estimate the Total Surplus on the market and interpret it
d) With the aid of a well-labeled diagram, illustrate and explain the impact of
simultaneous increase in household income and an increase in the tax on sale of the
Samsung S7 mobile phones.
e) (1). With the aid of a diagram distinguish between "Price Maximization" and "Price
Minimization
(11). Explain the two main objectives of Price Minimization in the economy​