Question: [Market Equilibrium - I]

1. Graph the supply and demand functions
   \[\begin{aligned} & Supply:\,\,\,\,\,\,\,\,\,p=0.1q+8 \\ & Demand:\,\,\,\,\,p=-0.5q+50. \\ \end{aligned}\]
2. Find the equilibrium point E for (a).
3. Plot the new demand function
   \[\text{New}\,\text{Demand:}\,\,\,\,p=-0.6q+36\]
4. Find the new equilibrium point E’.
5. Describe the change in equilibrium points.
6. Find the new equilibrium point E’’ with the original demand and new supply function
   \(\text{New}\,\text{Supply:}\,\,\,\,p=0.06q+5.2\)
7. Describe the change in equilibrium points.

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