Question 2 ‘The table below shows the individual dem: market supply for pencils, ‘and, individual supply, market demand and Price Quantity | Quantity | Market | Quantity | Quantity | Market demanded | demanded | demanded | supplied | supplied | supplied by Amir by Azura by Fauzi | by Faizal Mini Mini Market | Market (RM) (units) (units) (units) (units) | (units) | (units) 2.00 800 400 150 300 2.50 700 1040 200 500 3.00 600 280 450 250 3.50 220 720 300 900 4.00 400 560 750 1100 450 300 100 930 370 (2) Complete the above table. [6 marks] (b) Using graph paper, plot the market demand and market supply curve for pencils. [5 marks] (©) Whats the equilibrium price and eqi (d) At price of RM4, describe the situation and show it on your graph. ium quantity? [2 marks] [2.5 marks] (©) Assume that the government imposes tax for pencils and as a result the market supply falls by 200 units at each price level. i) Calculate the new supply schedule. [3 marks] ii) Plot the new supply curve on the same graph as in (a). [1.5 marks] [TOTAL: 20 Marks] 12 ECO1013/FINAL/OCT15 Scanned with CamScanner