Price per Pizza Quantity Demanded (Pizzas per Month) Quantity Supplied (Pizzas per Month) RM3 1,200 600 6 1,000 700 9 800 800 12 600 900 15 400 1,000 2.1) If the price per pizza is RM12, what happen to the price and why? ____________ 2.2) If the price per pizza is RM15, what happen to the market? _____________ 2.3) If the price per pizza is RM6, what happen to the market? ___________
Question 2
Refer to the table below to answer the questions.
|
|
Quantity Demanded (Pizzas per Month) |
Quantity Supplied (Pizzas per Month) |
|
RM3 |
1,200 |
600 |
|
6 |
1,000 |
700 |
|
9 |
800 |
800 |
|
12 |
600 |
900 |
|
15 |
400 |
1,000 |
2.1) If the price per pizza is RM12, what happen to the price and why? ____________
2.2) If the price per pizza is RM15, what happen to the market? _____________
2.3) If the price per pizza is RM6, what happen to the market? ____________
2.4) In this market there will be an excess
2.5) In this market there will be an
2.6) If the price per pizza is RM3, what happen to the price and why? ________________
Question 5
5.1) Jane has RM500 a week to spend on clothing and food. The price of clothing is RM25 and the price of food is RM10. The clothing and food pairs in Jane's choice set include ________ units of clothing and ________ units of food.
5.2) Sue is maximizing her utility. Her MUx/Px = 10 and MUy = 40. Then the price of Y must be __________
5.3) Ted has $600 a week to spend on clothing and food. The price of clothing is $30 and the price of food is $5. What is the equation for Ted's budget constraint, assuming he spends his entire budget? ______________________
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