Exercise 2: Table given below shows the supply and demand schedules for used copies of the seventh edition of Economics Textbook. Go through the table and answer the following questions. Price of...

Exercise 2: Table given below shows the supply and demand schedules for used copies of the seventh edition of Economics Textbook. Go through the table and answer the following questions. Price of books Quantity of books Quantity of books (OMR) demanded supplied 7 40 2 8 35 S 10 25 8 14 20 10 15 12 12 18 10 20 20 8 25 30 S 35 31 2 40 a) Draw the lines of supply and demand curves in a graph b ¢) How much is the equilibrium price? d €) How many books demanded when the price is *10°? Show the equilibrium point in the graph How much is the equilibrium quantity demanded and supplied? f) How many books supplied when the price is *20°? g b} If the price increase from 10 to 20, what happens to total revenue? Discuss Show surplus and shortage in the graph and discuss


Extracted text: Exercise 2: Table given below shows the supply and demand schedules for used copies of the seventh edition of Economics Textbook. Go through the table and answer the following questions. Quantity of books demanded Quantity of books supplied Price of books (OMR) 7 40 35 10 25 8. 14 20 10 15 12 12 18 10 20 20 8. 25 30 5 35 31 40 a) Draw the lines of supply and demand curves in a graph b) Show the equilibrium point in the graph c) How much is the equilibrium price? d) How much is the equilibrium quantity demanded and supplied? e) How many books demanded when the price is '10'? f) How many books supplied when the price is 20? g) If the price increase from 10 to 20, what happens to total revenue? Discuss h) Show surplus and shortage in the graph and discuss ||