The table below depicts the demand and supply for air conditioners.
Price (RM) Quantity of Demand (thousand) Quantity of Supply (thousand)
1000 10 4
2000 8 5
3000 6 6
4000 4 7
5000 2 8
(a) Based on the table above, determine the price and quantity at equilibrium.
(b) Calculate the total revenue at equilibrium.
(c) Due to the current heatwave, the demand for air conditioners increases by 3000 units at each price level. Determine the new price and quantity at equilibrium.
(c) Calculate the new total revenue.