Question 1The following table gives the daily supply and demand for mochi-ice cream at a store:Table 1PriceQuantity demanded(units)Quantity supplied(units)RM/unit6.107355.2010304.2015253.2020202.2025151.20308a) Determine the equilibrium price and quantity.b) Mochi-ice cream has gone viral on TikTok and hence increases the quantity demanded ofmochi-ice cream by FIVE (5) units at each price, illustrate the changes on the graph.(3Marks)c) Briefly explain any TWO (2) factors that can cause the supply curve to shift leftward.d) "Surpluses drive prices up; shortages drive them down." Do you agree?

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Question 1 The following table gives the daily supply and demand for mochi-ice cream at a store: Table 1 Quantity demanded (units) Price Quantity supplied (units) RM/unit 6.10 7 35 5.20 10 30 4.20 15 25 3.20 20 20 2.20 25 15 1.20 30 8 a) Determine the equilibrium price and quantity.

Question 1 The following table gives the daily supply and demand for mochi-ice cream at a store: Table 1 Quantity demanded (units) Price Quantity supplied (units) RM/unit 6.10 7 35 5.20 10 30 4.20 15 25 3.20 20 20 2.20 25 15 1.20 30 8 a) Determine the equilibrium price and quantity.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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