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The table below gives you information on the demand and supply of burgers during a family day event organised by your company. Price level Quantity demanded Quantity supplied (RM) 2.10 800 7,200 1.80 1,600 2,400 3,200 4,800 2,400 1.60 1.40 800 1.20 4,100 200 Required: (i) Based on the information in the table above, determine the equilibrium price of the burger. Please explain how you manage to derive such a conclusion. (ii) Determine the number of burgers that could be sold, if the burger stall operator decides to set the price of the burger at RM 1.80.

The table below gives you information on the demand and supply of burgers during a family day event organised by your company. Price level Quantity demanded Quantity supplied (RM) 2.10 800 7,200 1.80 1,600 2,400 3,200 4,800 2,400 1.60 1.40 800 1.20 4,100 200 Required: (i) Based on the information in the table above, determine the equilibrium price of the burger. Please explain how you manage to derive such a conclusion. (ii) Determine the number of burgers that could be sold, if the burger stall operator decides to set the price of the burger at RM 1.80.

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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The table below gives you information on the demand and supply of burgers during a family day event organised by your company. Price level Quantity demanded Quantity supplied (RM) 2.10 800 7,200 4,800 2,400 1.80 1,600 2,400 3,200 4,100 1.60 1.40 800 1.20 200 Required: (i) Based on the information in the table above, determine the equilibrium price of the burger. Please explain how you manage to derive such a conclusion. (ii) Determine the number of burgers that could be sold, if the burger stall operator decides to set the price of the burger at RM 1.80.
Transcribed Image Text:The table below gives you information on the demand and supply of burgers during a family day event organised by your company. Price level Quantity demanded Quantity supplied (RM) 2.10 800 7,200 4,800 2,400 1.80 1,600 2,400 3,200 4,100 1.60 1.40 800 1.20 200 Required: (i) Based on the information in the table above, determine the equilibrium price of the burger. Please explain how you manage to derive such a conclusion. (ii) Determine the number of burgers that could be sold, if the burger stall operator decides to set the price of the burger at RM 1.80.
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