i. Draw a Demand and Supply diagram for Coffee Beans based on the demand and supply schedule below. Price ($/kg) Quantity Demanded (kg) Quantity Supplied (kg) 2 500,000 300,000 3 400,000 400,000 4 300,000 500,000 5 200,000 600,000 6 100,000 700,000 i. What is the equilibrium price and quantity of Coffee Beans?
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- Review Figure 3.4. Suppose the price of gasoline is 1.60 per gallon. Is the quantity demanded higher or lower than at the equilibrium price of 1.40 per gallon? What about the quantity supplied? Is there a shortage or a surplus in the market? If so, how much? Figure 3.4 Demand and Supply of GasolineSuppose that the demand and supply schedules for raisins in South Carolina are as fallows, quantitiesare measured in millions of packs per month. What is the quantity of raisins bought if the price is 50cents ? Price (cents per pack) Quantity demanded20 18030 16040 14050 12060 10070 8080 60 a) 120b) 180c) 100The following table shows the demand and supply of tickets of a football game which will be held at Shah Alam Stadium. Unit Price (RM) Market Demand (units) Market Supply (units) 20 5000 3500 40 4000 3500 60 3000 3500 80 2000 3500 100 1000 3500 a) On your foolscap paper, draw the demand and supply curves. Label all axes, all curves and the equilibrium point. (6m) b) How much is the equilibrium price and equilibrium quantity? (2m) c) At which price will there be a surplus of 2500 tickets? (1m) d) What will happen when the market price is RM40? Show your answer on the same diagram. (3m) e) Why is the supply of tickets fixed at 3500? (1m)
- Price ($/cup) 4 3.5 3 2.5 2 1.5 1 0.5 0 0 10 20 Original Supply A decrease in the price of coffee beans. New Demand Original Demand 30 40 50 60 70 80 90 Quantity (cups/hour) New Supply The figure above refers to the market for coffee. What might cause a shift from the original demand curve to the new demand curve? Check all that apply. An increase in the price of tea (a substitute for coffee). A decrease in income if coffee is an inferior good. An expectation that coffee prices will fall in the future. A decrease in the price of cream (a complement to coffee)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.The table shows the quantity of tablets that is demanded and supplied at various prices. Quantity Demanded Quantity Supplied Price 50 75 100 125 120,000 112,500 105,000 97,500 100,000 102,500 105,000 107,500 Assume that the new equilibrium price is $50. How much would quantity supplied need to increase at each price to reach this equilibrium? A) 2550 B) 5050 C) 20,000 D) 112,499
- iii) discuss one factor EACH,that you think influence demand and supply for milk. Provide examplesQUESTION 1 Price per litre ($) Quantity Demanded in 000 Quantity Supplied in 000 litres (per Month) litres (per month) 11 . 0 27 10 2 25 9 4 23 8 6 20 7 8 17 6 10 15 5 12 12 4 14 10 3 16 7 2 18 5 1 3 3 1. Construct the demand and supply curves for gasoline to show the market equilibrium for gasoline.The table below sets out the demand and supply schedules for grouper fingers. Price Quantity Demanded (Per Week) Quantity Supplied (Per Week) (S per plate) 1,500 1,500 1,400 1,700 8. 1,300 1,800 9. 1,200 1,900 10 1,100 2,000 (а) Construct a graph of this market. Devel (b) Indicate the equilibrium price and quantity on the graph.
- 13) The Table below gives the Demand and Supply schedules of Frisbees. Quantity Demanded per month 1800 1600 1400 1200 1000 800 600 Price ($) 2 4 6 8 10 12 14 Quantity Supplied per month 600 800 1000 1200 1400 1600 1800 Suppose that Demand decreases by 250 Frisbees per month and Supply increases by 550 Frisbees per month. What is the new equilibrium price and quantity of Frisbees?Question 1 The following table gives the daily supply and demand for mochi-ice cream at a store: Table 1 Price Quantity demanded (units) Quantity supplied (units) RM/unit 6.10 7 35 5.20 10 30 4.20 15 25 3.20 20 20 2.20 25 15 1.20 30 8 a) Determine the equilibrium price and quantity. b) Mochi-ice cream has gone viral on TikTok and hence increases the quantity demanded of mochi-ice cream by FIVE (5) units at each price, illustrate the changes on the graph. (3Marks) c) Briefly explain any TWO (2) factors that can cause the supply curve to shift leftward. d) "Surpluses drive prices up; shortages drive them down." Do you agree?The table below gives the quantity of fancy widgets demanded and the quantity supplied for selected prices. (a) Find the linear equation that gives the price as a function of the quantity demanded. (b) Find the linear equation that gives the price as a function of the quantity supplied. (c) Use these equations to find the market equilibrium price. Price Quantity ($) Demanded (thousands) Supplied (thousands) 40 50 60 70 100 Quantity 270 250 230 210 150 0 160 320 480 960 C (a) What is the price as a function of the quantity demanded? p=0 (Type an expression using q as the variable. Type your answer in slope-intercept form.) (b) What is the price as a function of the quantity supplied? p= (Type an expression using q as the variable. Type your answer in slope-intercept form.) (c) What is the market equilibrium price?
