Equilibrium happens in a market when quantity supplied (Qs) equals quantity demanded (Qp). Use this result to solve for equilibrium if the demand curve is QD = 40-3P and the supply curve is Qs = 12 + P. %3D Select one: O a. P = 5, Q = 40 O b. P = 5, Q = 20 O c. P = 15, Q = 7 d. P = 7, Q = 19

Explain the impact of each of the following scenarios on only the market for apples in Gauteng. >state whether each of the following scenarions will impact the demand or supply cirves for apples > state whether the impact will shift the curve or cause a movement along a curve > if is is a shift, state the direction of the shift and motivate your answer    Q2..1 Eating apples is considered unhealthy ,ceteris paribus. Q2.2 The number of firms selling apples in Gauteng has decreased.

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Revealed Preference applies to Supply Schedules as well as demand schedules. Look at the images below. which answer is correct. multiple choices can be correct.

Consider the market demand for compact cars. Complete the following table by indicating whether an event will cause a movement along the demand curve for compact cars or a shift of the demand curve for compact cars, holding all else constant. Event A decrease in the price of gasoline (a complement for compact cars) A decrease in the price of compact cars A decrease in the number of consumers Movement Along Shift O O

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ONLY ANSWER QUESTIONS d and e

Two goods are complements when a decrease in the price of one good O decreases the quantity demanded of the other good. O decreases the demand for the other good. O increases the quantity demanded of the other good. increases the demand for the other good.

The above figures show the market for gasoline. Which figure(s) shows the effect of an increased preference for cars that are smaller and more fuel efficient? DI 这些 D2 D2 D₁ Quantity (gallons of gas) Quantity (gallons of gas) Figure A Figure B Price (dollars per gallon) S2 她 Quantity (gallons of gas) Figure D Quantity (gallons of gas) Figure C O Figure A O Figure B O Figure C O Figure D Price (dollars per gallon) S2

(1) Qd 50 60 Во 90 100 (2) Qd 40 50 60 Multiple Choice 70 80 $9 and 70 units $10 and 60 units. $8 and 60 units Refer to the table. If demand is represented by columns (3) and (1) and supply is represented by columns (3) and (4), equilibrium price and quantity will be $9 and 60 units (3) Price $ 10 9 8 7 6 S and R0 units (4) Qs 70 60 50 40 30 (5) Qs 80 70 60 50 40