Answer to Question #144272 in Economics for Tshedi

Question

QUESTION TWO [20]
2.1 Question 2.1.1 to 2.1.3 are based on the schedule below relating to the demand and supply
of mini chocolate bars:
Column A
PRICE (IN RANDS
AND CENTS)
Column B
QUANTITY
Column C
PRICE (IN RANDS
AND CENTS)
Column D
QUANTITY
R0.50 16 R0.50 0
R1.00 13 R1.00 1
R1.50 10 R1.50 4
R2.00 7 R2.00 7
R2.50 4 R2.50 10
R3.00 1 R3.00 13
2.1.1 State and motivate which columns represent:
2.1.1.1 The demand aspect (5)
2.1.1.2 The supply aspect (5)
2.1.2 List the equilibrium price and equilibrium quantity for mini chocolate bars according to
the schedule. Include in your answer the meaning of the equilibrium price and
equilibrium quantity. (5)
2.1.3 Assume that at the price of R1.00, the quantity of mini chocolate bars increases from
13 bars to 14 bars. Discuss one relevant factor that can cause this change. (

Answer 1

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