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The table sets out the demand-supply schedules for banana.

609_demand-supply schedule.jpg

Q1. Draw a proper graph of the market for banana. Illustrate the equilibrium price and quantity? describe why.

Q2. If the price of banana was $1.50 a box. What would be the condition in the banana market (shortage or excess)? Describe why and how the price and quantity would adjust.

Q3. Assume that a cyclone destroyed some banana farms in QLD and the quantity of banana supplied reduced by 500 boxes a week at each price. Describe what would happen to the market supply-demand and how would the equilibrium price and quantity adjust? Describe the changes on your graph.

Q4. Assume that a cyclone reduced banana supply by 500 boxes a week at each price. However, at the same time the demand for banana raised by 500 boxes a week at each price. Describe what would happen to the market equilibrium price and quantity? Describe the changes on your graph.

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M99303

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