Price Qd Qs
Qd + 200
DEMAND/SUPPLY SCHEDULE 1 DEMAND/SUPPLY SCHEDULE 2
Price Qd Qs
Qd + 200
(At each price)
Qs + 200
(At each price)
$50 200 800
$45 300 700
$40 400 600
$35 500 500
$30 600 400
$25 700 300
$20 800 200
1. Please complete demand/supply schedule 2 i. e if Qd and Qs from schedule 1 are increased by 200 units.
2. Determine equilibrium Price & Quantity in Schedule 1
3. Determine equilibrium Price & Quantity in Schedule 2.
4. Assume a price floor of $45 in Schedule 1; what is the result?
Assume a price ceiling of $25 in Schedule 1; what is the result?
In both cases what is the implication for resource allocation?
5. Distinguish between a change in demand/supply and change in quantity demanded/supplied.
6. In Schedule 2 state four (4) reasons that would shift the demand curve.
7. What are five (5) reasons that would shift the supply curve?
Answers: 1
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DEMAND/SUPPLY SCHEDULE 1 DEMAND/SUPPLY SCHEDULE 2
Price Qd Qs
Qd + 200
Price Qd Qs
Qd + 200
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