Kids in the city were willing and able to buy 12 rolls of cotton candy when the price was $1.00 each and 2 rolls of cotton candy when the price was $3.00 each. However, cotton candy machine owners in...

Kids in the city were willing and able to buy 12 rolls of cotton candy when the price was $1.00 each and 2 rolls of cotton candy when the price was $3.00 each. However, cotton candy machine owners in the city are willing to make 2 cotton candy rolls when the price was$1.00 and 12 cotton candy rolls when the price is $3.00

ii) Assuming that the market is linear, showing all working

1. Derive the demand curve Pd(Q) for cotton candy in the term of price, where x= quantity


2. Derive the supply curve Ps(Q) for cotton candy in term of price, where x = quantity

iii)  Using your answer from part (ii), Determine the equilibrium price and quantity for cotton candy in the city