%AV . 7 Suggest an effective minimum price, and another effective maximum price, and show what effect will each have. Q2. Show the effect of each of the following changes on demand, supply,...

Extracted text: %AV . 7 Suggest an effective minimum price, and another effective maximum price, and show what effect will each have. Q2. Show the effect of each of the following changes on demand, supply, Equilibrium price, and equilibrium quantity of domestic lamb. (you can only use one or more of the following expressions: [increase, decrease, no effect, indeterminate] Demand Supply Eq. Price Eq. quantity


Extracted text: %AV , Q1. given the following two equations, answer the questions that follow: Q=4p .(1). Q=200-6p . (2) 1 Identify the demand equation and supply equation? 2 What does the number (4) in equation (1) indicate? 3 What does the number 200 in equation (2) indicate? 4 What does the number 6 in equation (2) indicate? 5 Solve for the equilibrium point mathematically. 6 Solve for the equilibrium point graphically. 7 Suggest an effective minimum price, and another effective maximum price, and show what effect will each have.