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.

Principles of Microeconomics

7th Edition

ISBN:9781305156050

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter5: Elastic And Its Application

Section: Chapter Questions

Problem 6PA: Suppose that your demand schedule for DVDs is as follows: Price Quantity Demanded (income = 10,000)...

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