2.4 Paper 2 Exam Questions
Topic 2.4 Paper 2 - Exam Practice Question (1) The following questions refer to the demand and supply schedules for a particular good shown below. Price($) Demand(’000 units) Supply(’000 units) 5 100 60 10 90 70 15 80 80 20 70 90 25 60 100 Answers (a) Identify the equilibrium price. [1] (b) Calculate and identify the value of excess demand or supply if the price is $5. [2] At P = $5, Qd = 100 000 units whilst Qs = 60...