3. To summary the market survey for local trip tour during school vacation, the right-hand table is shown. Base on this table: Quantity Quantity Demanded Supplied Price ($) 20 500 50 a) Define the equations of demand and supply for local trip tour. (20 marks) b) Find the equilibrium-price and equilibrium-quantity for local trip tour and draw a graph to show this market equilibrium. (15 marks) 40 420 150 60 340 250 80 260 350 100 180 450

3. To summary the market survey for local trip tour during school vacation, the right-hand table is shown. Base on this table: Quantity Quantity Demanded Supplied Price ($) 20 500 50 a) Define the equations of demand and supply for local trip tour. (20 marks) b) Find the equilibrium-price and equilibrium-quantity for local trip tour and draw a graph to show this market equilibrium. (15 marks) 40 420 150 60 340 250 80 260 350 100 180 450

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter3: Demand And Supply

Section: Chapter Questions

Problem 53P: Table 3.8 shows information on the demand and supply for bicycles, where the quantities of bicycles...

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