Quantity Demanded (in kgs) 100 90 80 70 60 50 40 1. Plot and graph the data on the supply curve. P P Price (Php) 50.00 60.00 70.00 80.00 4. Plot and graph the data on the supply curve. 90.00 100.00 110.00 Figure 1: Price and Quantity Supplied of Tilapia Legend: P-Price, S- Supply, Qd - Quantity Demanded 2. Analyze the data and describe the supply curve. 3. Compute the elasticity of demand and supply with an implication based on the estimated results. 5. Analyze the data and describe the curve. S D Figure 2: Price and Quantity Demanded of Tilapia Legend: P-Price, D- Demand, Qd - Quantity Demanded D Quantity Supplied (in kgs) 40 50 60 70 80 90 100 6. Using the data from the demand and supply, determine the equilibrium point of the demand and supply curves. P 7. How much is the price in the equilibrium point? S Figure 3: Equilibrium Price Qd Qd Qd 8. Suppose the price of rice is P85.00. Is the quantity demanded will be lower or higher than at the equilibrium price of P80.00 per kilo? Is the quantity supplied be lower or higher? Is there a shortage or a surplus in the market? If so, how much?

Quantity Demanded (in kgs) 100 90 80 70 60 50 40 1. Plot and graph the data on the supply curve. P P Price (Php) 50.00 60.00 70.00 80.00 4. Plot and graph the data on the supply curve. 90.00 100.00 110.00 Figure 1: Price and Quantity Supplied of Tilapia Legend: P-Price, S- Supply, Qd - Quantity Demanded 2. Analyze the data and describe the supply curve. 3. Compute the elasticity of demand and supply with an implication based on the estimated results. 5. Analyze the data and describe the curve. S D Figure 2: Price and Quantity Demanded of Tilapia Legend: P-Price, D- Demand, Qd - Quantity Demanded D Quantity Supplied (in kgs) 40 50 60 70 80 90 100 6. Using the data from the demand and supply, determine the equilibrium point of the demand and supply curves. P 7. How much is the price in the equilibrium point? S Figure 3: Equilibrium Price Qd Qd Qd 8. Suppose the price of rice is P85.00. Is the quantity demanded will be lower or higher than at the equilibrium price of P80.00 per kilo? Is the quantity supplied be lower or higher? Is there a shortage or a surplus in the market? If so, how much?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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