a) Given a non-linear partial market model: 50 - 2 Q = 4P – 4, where...
a) Given a non-linear partial market model: 50 - 2 Q = 4P – 4, where P and Q, respectively represent price (RM) and quantity (unit). i) State which is the demand function and which is the supply function. (2 marks) ii) Provide reason for your answer in a). (5 marks) iii) Find the values of the endogenous variables via elimination technique. Show your works. (6 marks) iv) Illustrate your finding in c) with a suitable sketch and labels them properly. (7 marks)