Microeconomics (13th Edition)
13th Edition
ISBN: 9780134744476
Author: Michael Parkin
Publisher: PEARSON
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Chapter 5, Problem 9SPA
To determine
Identify the role of fair rules and fair results in the allocation methods of resources.
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Refer to the above diagram for the milk market. If the price were $2.00 per gallon, then there would be :
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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
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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)
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e) Why is the supply of tickets fixed at 3500? (1m)
Chapter 5 Solutions
Microeconomics (13th Edition)
Ch. 5.1 - Prob. 1RQCh. 5.1 - Prob. 2RQCh. 5.1 - Prob. 3RQCh. 5.1 - Prob. 4RQCh. 5.2 - Prob. 1RQCh. 5.2 - Prob. 2RQCh. 5.2 - Prob. 3RQCh. 5.2 - Prob. 4RQCh. 5.2 - Prob. 5RQCh. 5.2 - Prob. 6RQ
Ch. 5.3 - Prob. 1RQCh. 5.3 - Prob. 2RQCh. 5.3 - Prob. 3RQCh. 5.4 - Prob. 1RQCh. 5.4 - Prob. 2RQCh. 5.4 - Prob. 3RQCh. 5.4 - Prob. 4RQCh. 5 - Prob. 1SPACh. 5 - Prob. 2SPACh. 5 - Prob. 3SPACh. 5 - Prob. 4SPACh. 5 - Prob. 5SPACh. 5 - Prob. 6SPACh. 5 - Prob. 7SPACh. 5 - Prob. 8SPACh. 5 - Prob. 9SPACh. 5 - Prob. 10SPACh. 5 - Prob. 11APACh. 5 - Prob. 12APACh. 5 - Prob. 13APACh. 5 - Prob. 14APACh. 5 - Prob. 15APACh. 5 - Prob. 16APACh. 5 - Prob. 17APACh. 5 - Prob. 18APACh. 5 - Prob. 19APACh. 5 - Prob. 20APACh. 5 - Prob. 21APACh. 5 - Prob. 22APACh. 5 - Prob. 23APACh. 5 - Prob. 24APACh. 5 - Prob. 25APACh. 5 - Prob. 26APACh. 5 - Prob. 27APA
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