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ASSIGNMENT 1
For a plate of food, at price RM5, quantity demand in the market = 80 plates. Quantity of market supply
= 20 plates at this price
At price RM15, quantity demand in the market = 10 plates. Quantity of market supply = 90 plates
Sketch the market demand curve for food.
Sketch the market supply curve for food (in the same diagram).
Estimate the market equilibrium price and quantity for food. Submit your answer in a page in the next
class.