The data in the table above represent the market demand and supply for strawberries over a range of prices. Price(Cents) Quantity Demand(Million tin/ year) Quantity supplied(Million tins/year) 10 90 30 20 80 50 30 70 70 40 60 90 50 50 110  4.Define the equilibrium of a market. Find the equilibrium price and quantity. 5.Suppose that an increase in consumers’ income results in an increase of strawberries’ demand.The demand of strawberries rises by 30 million tins/year at each price level. Find the new equilibrium price and quantity.

Consider the market for children’s books. Suppose that more parents started to educate their children at home during the coronavirus pandemic and needed more educational materials, including children’s books, to do so. At the same time, lots of publishers printing children’s books shut down due to a large number of workers preferring to stay at home due to safety reasons and home responsibilities. What was the effect of the events described above on the supply of and demand for children’s books?   A) Demand decreased; supply decreased.   B) Demand increased; supply increased.   C) Demand increased; supply decreased.   D) Demand decreased; supply decreased.

Question 1 The following table gives the daily supply and demand for mochi-ice cream at a store: Table 1 Price Quantity demanded (units) Quantity supplied (units) RM/unit 6.10 7 35 5.20 10 30 4.20 15 25 3.20 20 20 2.20 25 15 1.20 30 8 a) Determine the equilibrium price and quantity. b) Mochi-ice cream has gone viral on TikTok and hence increases the quantity demanded of mochi-ice cream by FIVE (5) units at each price, illustrate the changes on the graph. (3Marks) c) Briefly explain any TWO (2) factors that can cause the supply curve to shift leftward. d) "Surpluses drive prices up; shortages drive them down." Do you agree?

Describe in your own words Change in Supply vs. Change in Quantity Supplied Price changes vs. Non-price determinant changes