Draw the market demand and supply curves for a candy shop: Economics Essay, UNM, Malaysia

University University of Nottingham Malaysia (UNM)
Subject Economic

Question 1
Table 1 shows the demand and supply schedule for a candy shop.
Table 1

Table 1 shows the demand and supply schedule for a candy shop.

Based on Table 1, answer the following questions.
a) Draw the market demand and supply curves for a candy shop.

b) Determine the equilibrium price and equilibrium quantity.

c) Illustrate and explain the effects on market equilibrium for candy when the price of sugar as a raw material for candy rises.

d) Explain using graph on change in quantity demanded and change in demand.

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