Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Do Question 1 only.Kindly paraphrase or use your own words for definition. At least 5 sentences for each definition. Thanks
![1. Explain:
(0)
()
the law of demand
the law of supply
2. Table shows a relationship between price and quantity demanded and quantity
supplied for goods
Quantity Demanded
(units)
10
Quantity Supplied
(units)
Price (RM)
1
4.
8.
3.
12
16
20
4.
2
Based on the table above,
Berdasarkan jadual di atas.
a) Derive the demand equation / function (Qd) for those goods.
Terbitkan persamaan/fungsi permintaan barang tersebut.
b) Derive the supply equation/ function (Qs) for those goods.
Terbitkan persamaan / fungsi penawaran barang tersebut.
c) Calculate the market equilibrium for those goods using a mathematical
approach. [CLO2: C3]
Kira keseimbangan pasaran barang tersebut menggunakan kaedah matematik.
d) Draw the demand and supply curves for those goods in one graph and show the
market equilibrium, equilibrium price and equilibrium quantity for those goods.
(CLO2: C3]
Lukis keluk permintaan dan penawaran bagi barang tersebut dalam satu graf
dan tunjukkan keseimbangan pasaran, harga dan kuantiti keseimbangan barang
tersebut.
e) What would happen if the government fixed the price of those goods at RM3
and
by how much?
Apakah yang akan berlaku jika kerajaan meletakkan harga barang pada RM3
dan berapa banyak?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F53d7cf85-38ef-4e29-990a-1b88e048b96f%2F1536cab3-8127-4fd4-aa4b-5a60ca6c3127%2Fn5692b_processed.jpeg&w=3840&q=75)
Transcribed Image Text:1. Explain:
(0)
()
the law of demand
the law of supply
2. Table shows a relationship between price and quantity demanded and quantity
supplied for goods
Quantity Demanded
(units)
10
Quantity Supplied
(units)
Price (RM)
1
4.
8.
3.
12
16
20
4.
2
Based on the table above,
Berdasarkan jadual di atas.
a) Derive the demand equation / function (Qd) for those goods.
Terbitkan persamaan/fungsi permintaan barang tersebut.
b) Derive the supply equation/ function (Qs) for those goods.
Terbitkan persamaan / fungsi penawaran barang tersebut.
c) Calculate the market equilibrium for those goods using a mathematical
approach. [CLO2: C3]
Kira keseimbangan pasaran barang tersebut menggunakan kaedah matematik.
d) Draw the demand and supply curves for those goods in one graph and show the
market equilibrium, equilibrium price and equilibrium quantity for those goods.
(CLO2: C3]
Lukis keluk permintaan dan penawaran bagi barang tersebut dalam satu graf
dan tunjukkan keseimbangan pasaran, harga dan kuantiti keseimbangan barang
tersebut.
e) What would happen if the government fixed the price of those goods at RM3
and
by how much?
Apakah yang akan berlaku jika kerajaan meletakkan harga barang pada RM3
dan berapa banyak?
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