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Question:
(a) The market demand schedule and market supply schedule for firm H is as follows:
QD = 500 - 10P QS = -100 + 6P
Where QD and QS denotes quantity demanded and quantity supplied respectively and P denotes price.
(i) Calculate the equilibrium price and quantity.
(ii) If a maximum price of Rs. 20 is imposed, what is the resulting shortage?
(iii) Estimate the revenue that can be generated from black market following the shortage.
show that the necessary and sufficient conditions for consumer equilibrium under both cardinal and ordinal utility theories are identical .
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