Principles of microeconomics activity. 1. Below is a market schedule for both demand and supplyPrice (y-axis)Quantity Demanded (x-axis)1000Quantity Supplied (x-аxis)200480040068106004002006008001000a) Using the market schedules, draw the curves and indicate the equilibrium price, equilibriumquantityb) On the same curve indicate the area of surplus and shortage in the market.c) Calculate the surplus quantities in this marketd) Calculate the shortage of quantities in this markete) Calculate the slope of the demand curve if the initial price was at 8 and new price is 10f) Calculate the slope of the supply curve if the initial price was at 10 and the new price is 8

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1. Below is a market schedule for both demand and supply Quantity Demanded (x- axis) 1000 Price (y-axis) Quantity Supplied (x- axis) 200 400 600 2 800 600 6 8 400 200 800 10 1000

ENGR.ECONOMIC ANALYSIS

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ISBN:9780190931919

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Chapter1: Making Economics Decisions

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Question

Principles of microeconomics activity.

1. Below is a market schedule for both demand and supply
Price (y-axis)
Quantity Demanded (x-
axis)
1000
Quantity Supplied (x-
аxis)
200
4
800
400
6
8
10
600
400
200
600
800
1000
a) Using the market schedules, draw the curves and indicate the equilibrium price, equilibrium
quantity
b) On the same curve indicate the area of surplus and shortage in the market.
c) Calculate the surplus quantities in this market
d) Calculate the shortage of quantities in this market
e) Calculate the slope of the demand curve if the initial price was at 8 and new price is 10
f) Calculate the slope of the supply curve if the initial price was at 10 and the new price is 8

Study of decisions made by households and business firms at an individual level. It includes several laws and theorems related to demand, supply, production, allocation of resources, and prices.

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