Question 1 The following table gives the daily supply and demand for mochi-ice cream at a store: Table 1 Price Quantity demanded (units) Quantity supplied (units) RM/unit 6.10 7 35 5.20 10 30 4.20 15...

Question 1<br>The following table gives the daily supply and demand for mochi-ice cream at a store:<br>Table 1<br>Price<br>Quantity demanded<br>(units)<br>Quantity supplied<br>(units)<br>RM/unit<br>6.10<br>7<br>35<br>5.20<br>10<br>30<br>4.20<br>15<br>25<br>3.20<br>20<br>20<br>2.20<br>25<br>15<br>1.20<br>30<br>8<br>a) Determine the equilibrium price and quantity.<br>b) Mochi-ice cream has gone viral on TikTok and hence increases the quantity demanded of<br>mochi-ice cream by FIVE (5) units at each price, illustrate the changes on the graph.<br>(3Marks)<br>c) Briefly explain any TWO (2) factors that can cause the supply curve to shift leftward.<br>d)

Extracted text: Question 1 The following table gives the daily supply and demand for mochi-ice cream at a store: Table 1 Price Quantity demanded (units) Quantity supplied (units) RM/unit 6.10 7 35 5.20 10 30 4.20 15 25 3.20 20 20 2.20 25 15 1.20 30 8 a) Determine the equilibrium price and quantity. b) Mochi-ice cream has gone viral on TikTok and hence increases the quantity demanded of mochi-ice cream by FIVE (5) units at each price, illustrate the changes on the graph. (3Marks) c) Briefly explain any TWO (2) factors that can cause the supply curve to shift leftward. d) "Surpluses drive prices up; shortages drive them down." Do you agree?

Jun 08, 2022

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Question 1 The following table gives the daily supply and demand for mochi-ice cream at a store: Table 1 Price Quantity demanded (units) Quantity supplied (units) RM/unit 6.10 7 35 5.20 10 30 4.20 15...

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