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- Do you agree with the following statements? Give reasons. (a) There are some exceptions to the law of demand.(b) There are no exceptions to the law of demand.(c) When the price of petrol rises, the demand for cars decreases. (d) Demand is a relative term(e) Price is the sole determinant of demand. (f) Demand curve can never have an upward slope.Factor which affects market demand but not individual demand can be: (a) Number of consumers in the market (b) Age and sex composition of population (c) Distribution of income (d) All of the aboveHow would the equilibrium quantity and price of smartphones be altered if the prices of their electronic components increase, and labor costs to produce them rise, while alternative communication methods become more accessible and user-friendly? (A) Quantity will fall, and the effect on price is ambiguous. (B) Price will fall, and the effect on quantity is ambiguous. (C) Quantity will rise, and the effect on price is ambiguous. (D) Price will rise, and the effect on quantity is ambiguous.
- The table below gives the quantity of fancy widgets demanded and the quantity supplied for selected prices. (a) Find the linear equation that gives the price as a function of the quantity demanded. (b) Find the linear equation that gives the price as a function of the quantity supplied. (c) Use these equations to find the market equilibrium price. Price Quantity ($) Demanded (thousands) Supplied (thousands) 40 50 60 70 100 Quantity 270 250 230 210 150 0 160 320 480 960 C (a) What is the price as a function of the quantity demanded? p=0 (Type an expression using q as the variable. Type your answer in slope-intercept form.) (b) What is the price as a function of the quantity supplied? p= (Type an expression using q as the variable. Type your answer in slope-intercept form.) (c) What is the market equilibrium price?answer quicklyPlot the supply curve from the supply schedule information provided. (a) What can you explain from the graph? (b) Can you identify any determinants? (c) What happens if price changes? (d) What happens if other determinants change?
- Consider the market for minivans. Indicate the impact if any on demand, supply, price and quantity: (a) People decide to have more children. (b) A strike by steelworkers raises steel prices. (c) Engineers develop new automated machinery for the production of minivans. (d) The price of station wagons rises. (e) A stock-market crash lowers people’s wealth acThe following table shows the demand and supply of tickets of a football game which will be held at Shah Alam Stadium. Unit Price (RM) Market Demand (units) Market Supply (units) 20 5000 3500 40 4000 3500 60 3000 3500 80 2000 3500 100 1000 3500 a) On your foolscap paper, draw the demand and supply curves. Label all axes, all curves and the equilibrium point. (6m) b) How much is the equilibrium price and equilibrium quantity? (2m) c) At which price will there be a surplus of 2500 tickets? (1m) d) What will happen when the market price is RM40? Show your answer on the same diagram. (3m) e) Why is the supply of tickets fixed at 3500? (1m)Price per Ice-cream (Rs.) Demand for Ice cream (Qd) Supply for Ice cream (Qs) 140 500 1500 120 750 1200 100 1000 1000 80 1250 750 60 1500 600 40 1750 300 (1) What is the maximum price that consumer is willing to pay for 1500 bottles? (2) What is the minimum price that producer is willing to accept for 1500 bottles?
- 23. Suppose that demand in a market increases due to larger number of buyers and a technological advancement occurs also. What would we expect to happen in the market? (a) Equilibrium quantity would increase, but the impact on equilibrium price would be indeterminate. (b) The equilibrium price would decrease, but the impact on the amount sold in the market would be indeterminate. (c) Both equilibrium price and equilibrium quantity would increase. (d) The equilibrium price would increase but the impact on the amount sold in the market would be indeterminate.The demand for a commodity increases when its 1 (A) price increases (B) price decreases (C) price is constant (D) none of the abovePrice per Ice-cream (Rs.) Demand for Ice cream (Qd) Supply for Ice cream (Qs)140 500 1500120 750 1200100 1000 100080 1250 75060 1500 60040 1750 300 (i) Draw the market equilibrium for Ice cream. (ii) Find out equilibrium price and quantity. (iii) Is there surplus or shortage in the market at price Rs.40? At price Rs.120? (iv) What is the maximum price that consumer is willing to pay for 1500 bottles? (v) What is the minimum price that producer is willing to accept for 1500 bottles? Please solve only the bold sub parts .
