QUESTION 1
The following table shows the quantity demanded and quantity supplied for good A and good B by the citizens of a country XYZ at different prices.
a) Draw the demand and supply curves for good A using graph paper. What are the equilibrium price and quantity?
b) Assumed that the government has imposed a tax on Good X, therefore the quantity supplied has been reduced by 50 units at each price level. Draw a new supply curve on the diagram above. What are the new equilibrium price and quantity?
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QUESTION 2
Based on the table below, Answer the following question:
c) Draw the demand and supply curves for good X using graph paper. What are the equilibrium price and quantity?
d) Assumed that the government has given subsidies on Good X, therefore the quantity supplied has increased by 40 units at each price level. Draw a new supply curve on the diagram above. What are the new equilibrium price and quantity?
QUESTION 3
Based on the table below, Answer the following question:
a) Draw the demand and supply curves for good X using graph paper. What are the equilibrium price and quantity?
b) Assumed that the government has imposed a tax on Good X by RM50. Draw a new supply curve on the diagram above. What are the new equilibrium price and quantity?
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