Question: a closed economy 10 pointsandnbspthe demand and the supply...
A - Closed Economy (10 points):
The demand and the supply for broccoli in Veganstan’s closed economy are given by
QD = 60 – 2P, and
QS = 38P.
We assume the market is perfectly competitive.
1: Compute the closed economy equilibrium price PCE and quantity QCE.
2: Plot on a graph: the demand, the supply, and the equilibrium price and quantity.
3: Using the demand and supply graph/diagram, analyse the impact on the equilibrium price and quantity, under each one of the following scenarios:
a) a hailstorm damages the crop;
b) a new type of manure becomes available, which increases the yield per acre;
c) a hailstorm damages the crop while at the same time a new type of manure becomes available.
 Both demand and supply are expressed in kilograms (kg), and all prices are in dollars ($).