Plot the supply curve from the supply schedule information provided. Price Quantity Supply (Qs) 1 0 2 3 3 4 4 5 5 6 (a) What can you explain from the graph? (b) Can you identify any determinants? (c) What happens if price changes? (d) What happens if other determinants change?
Plot the supply curve from the supply schedule information provided.
|
|
Quantity Supply (Qs) |
|
1 |
0 |
|
2 |
3 |
|
3 |
4 |
|
4 |
5 |
|
5 |
6 |
(a) What can you explain from the graph?
(b) Can you identify any determinants?
(c) What happens if price changes?
(d) What happens if other determinants change?
Question 2 - Learning Activity 4.2
Plot the
|
Price |
Quantity Demanded (Qd) |
|
1 |
9 |
|
2 |
6 |
|
3 |
4 |
|
4 |
3 |
|
5 |
2 |
(a) What can you explain from the graph?
(b) Can you identify any determinants?
(c) What happens if price changes?
(d) What else do you think will happen?
(e) What happens if other determinants change?
Question 1 - Learning Activity 4.4
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
Question 2 - Learning Activity 4.5 ---- Q#2
Given QD = 40 – 0.02P and QS = -50 + 0.1P, Calculate:
(a)
(b)
(c) Producer surplus
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