The 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)
The 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)
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
The 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)
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