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explaining one of these topics?? ( choose 1 topic only)
1. Opportunity cost
2.
3. Market Equilibrium
4. Law of Supply and Demand
5. Elasticity
6. Forms of Competition
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Solved in 2 steps
- The following table shows the demand and supply of tickets of a football game which will be held at Shah Alam Stadium. Unit Price (RM) Market Demand (units) Market Supply (units) 20 5000 3500 40 4000 3500 60 3000 3500 80 2000 3500 100 1000 3500 a) On your foolscap paper, draw the demand and supply curves. Label all axes, all curves and the equilibrium point. (6m) b) How much is the equilibrium price and equilibrium quantity? (2m) c) At which price will there be a surplus of 2500 tickets? (1m) d) What will happen when the market price is RM40? Show your answer on the same diagram. (3m) e) Why is the supply of tickets fixed at 3500? (1m)For a good with the following demand: Quantity Demanded Price 6000 $20 14,000 $15 (a) Calculate the price elasticity of demand using the Midpoint Method. (b) Is the demand for this good considered elastic or inelastic? (c) Do you think it is more likely that the average consumer will consider this good a necessity or a luxury? How did you determine your answer? (d) If sellers' production costs rise, will they be able to pass these higher costs onto the buyers in the form of higher prices? Explain.Plot the supply curve from the supply schedule information provided. Price Quantity Supply (Qs) 1 0 2 3 3 4 4 5 5 6 (a) What can you explain from the graph? (b) Can you identify any determinants? (c) What happens if price changes? (d) What happens if other determinants change? Question 2 - Learning Activity 4.2 Plot the demand curve from the demand schedule information provided. Price Quantity Demanded (QD) 1 9 2 6 3 4 4 3 5 2 (a) What can you explain from the graph? (b) Can you identify any determinants? (c) What happens if price changes? (d) What else do you think will happen? (e) What happens if other determinants change?
- Plot the supply curve from the supply schedule information provided. Price Quantity Supply (Qs) 1 0 2 3 3 4 4 5 5 6 (a) What can you explain from the graph? (b) Can you identify any determinants? (c) What happens if price changes? (d) What happens if other determinants change? Question 2 - Learning Activity 4.2 Plot the demand curve from the demand schedule information provided. Price Quantity Demanded (Qd) 1 9 2 6 3 4 4 3 5 2 (a) What can you explain from the graph? (b) Can you identify any determinants? (c) What happens if price changes? (d) What else do you think will happen? (e) What happens if other determinants change? Question 1 - Learning Activity 4.4 Consider the market for minivans. Indicate the impact if any on demand, supply, price and quantity: (a) People decide to have more children. (b) A strike by steelworkers raises steel prices. (c) Engineers develop new automated…2. Freihofer's bread is a normal good produced by the Freihofer Bakery. Using clearly labeled Demand and Supply curves, show what will happen to the equilibrium price and quantity of Freihofer's bread in each of the following situations? (a) Due to an expansion, households that buy Freihofer's bread experience an increase in income. (b) (c) (d) (e) (f) The cost of wheat used in Freihofer's bread increases significantly. Freihofer Bakery buys improved ovens that reduce the costs of Freihofer's bread. Lovely Loaf, a rival, increases the price of its bread. Consumers become health conscious and switch to low-calorie breads. Situations (a) and (b) occur at the same time.Assume gadgets are sold in a competitive market, the equilibrium price is $6, and the equilibrium quantity is 500 units. (a) Using the numerical values above, draw a correctly labeled graph of the market for gadgets and show each of the following. (i) The equilibrium price (ii) The equilibrium quantity (b) At a price of $8 per unit, will there be a surplus or a shortage in the market? Explain. (c) Assume gadgets now become more popular. On your graph in part (a), show the effect of the increase in gadgets' popularity on the equilibrium price and quantity of gadgets. (d) Assume instead there is an increase in the price of tin, a major input in producing gadgets. What will be the effect of an increase in the price of tin on the market for gadgets? (e) If both changes in part (c) and part (d) occurred simultaneously, will the equilibrium quantity of gadgets increase, decrease, remain unchanged, or be indeterminate? Explain.
- Assume gadgets are sold in a competitive market, the equilibrium price is $6, and the equilibrium quantity is 500 units.(a) Using the numerical values above, draw a correctly labeled graph of the market for gadgets and show each of the following.(i) The equilibrium price(ii) The equilibrium quantity(b) At a price of $8 per unit, will there be a surplus or a shortage in the market? Explain.(c) Assume gadgets now become more popular. On your graph in part (a), show the effect of the increase in gadgets' popularity on the equilibrium price and quantity of gadgets.(d) Assume instead there is an increase in the price of tin, a major input in producing gadgets. What will be the effect of an increase in the price of tin on the market for gadgets?(e) If both changes in part (c) and part (d) occurred simultaneously, will the equilibrium quantity of gadgets increase, decrease, remain unchanged, or be indeterminate? Explain.Plot the supply curve from the supply schedule information provided. Price Quantity supply 1 0 2 3 3 4 4 5 5 6 (a) What can you explain from the graph? (b) Can you identify any determinants? (c) What happens if price changes? (d) What happens if other determinants change? Question 2 Plot the demand curve from the demand schedule information provided. Price Quantity demanded 1 9 2 6 3 4 4 3 5 2 (a) What can you explain from the graph? (b) Can you identify any determinants? (c) What happens if price changes? (d) What else do you think will happen? (e) What happens if other determinants change?Explain the shifts in demand and/or supply that can result in the following observations: (Assume the demand curve is downward sloping and the supply curve is upward sloping.) （In words, and graphic thanks） (a) Both price and quantity rise. (b) Price rises, quantity falls. (c) Price rises, quantity doesn't change. (d) Quantity rises, price doesn't change.
- Price Panel (a) Panel (b) Z D₁ Quantity Quantity Panel (c) Panel (d) XX Quantity Quantity Figure 3 a. Refer to Figure 3. Assume that the graphs in this figure represent the demand and supply curves for women's clothing. Which panel best describes what happens in this market when the wages of seamstresses rise? b. Refer to Figure 3. Assume that the graphs in this figure represent the demand and supply curves for almonds. Which panel best describes what happens in this market when there is an increase in the productivity of almond harvesters? c. Refer to Figure 3. Assume that the graphs in this figure represent the demand and supply curves for Fruitopia, a soft drink. Which panel describes what happens in the market for Fruitopia when the price of Snapple, a substitute product, decreases? d. Refer to Figure 3. Assume that the graphs in this figure represent the demand and supply curves for potatoes and that steak and potatoes are complements. What panel describes what happens in this…1. California is a large producer of strawberries. Oh No! There is a killer frost that kills half of the crop! (A) How has this affected supply or demand of strawberries? (B) What has happened to the price of strawberries? Please justify your answer by graphing the change in either supply or demand, as well as the change in price.Plot the supply curve from the supply schedule information provided. Price Quantity Supply (Qs) 1 0 2 3 3 4 4 5 5 6 (d) What else do you think will happen? (e) What happens if other determinants change?
