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- 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)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 machinery for the production of minivans. (d) The price of station wagons rises. (e) A stock-market crash lowers people’s wealth ac(1) A verticle demand curve results in (a) no change in quantity when the supply curve shift (b) no change in price when the supply curve shift (c) no change in supply ,curve being possible (d) no change in quantity when the demand curve shift
- 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?Which of the following would you expect to displace the demand for beef?Response option group (a) An increase in the price of beef. (b) A reduction in the price of beef. (c) An outbreak of mad cow disease. (d) None of the above.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.
- 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 machinery for the production of minivans.Which of the following statements is (are) correct?(x) If a shortage exists in a market then the price will rise. As a result, quantity demanded will decrease and quantity supplied will increase as the market moves to its equilibrium. (y) Market forces will push the price downward if a surplus exists and the quantity supplied will become equal to quantity demanded as the price moves to equilibrium.(z) If the actual price is below the equilibrium price then quantity demanded is more than quantity supplied at the actual price.A. (x), (y) and (z)B. (x) and (y) only C. (x) and (z) onlyD. (y) and (z) onlyE. (z) onlyPrice (per pound) S1 Multiple Choice S₂ 0 2 4 6 8 10 12 14 16 18 20 Quantity Supplied (thousands of bushels per week) The figure above shows three supply curves for wheat. Which of the following would cause the supply of wheat to shift from S₁ to S₂? an increase in the price of fertilizer a change in consumer tastes away from wheat bread a decrease in consumer incomes, assuming wheat is a normal good Saved the development of a more effective insecticide against cutworms
- If market price is $1000, see images below:(c) The demand for watches is given by p = 7000 -2q dollars, and the supply of watches is given by p where q is the number of watches demanded and supplied when the price per watch is p dollars. Based on the information provided, calculate the equilibrium quantity and the equilibrium price for watches. 0.01q? + 2q + 1000 dollars,Carefully explain what is happening in the following markets. Indicate the impact if any on demand, supply, price and quantity. In the market for airline tickets airline carriers have drastically cut fares for international air travel resulting in a 3% increase in ticket sales. Meanwhile, recent health considerations due to COVID-19 have caused and 11% reduction in the demand for international travel. (i) Impact on Supply? (ii) Impact on Price? (iii) Impact on Quality? (iv) Impact on Demand?