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 demand of 300 pizzas at a price of _______
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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