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Question 7 (Marks: 15) Use the following schedule to answer the questions that follow: Demand and supply of bananas Price of bananas Quantity demanded Quantity supplied (R/kg) (kg) (kg) 5 50 30 6 45 35 7 40 40 8 35 45 9 30 50 © The Independent Institute of Education (Pty) Ltd 2020 Page 7 of 8 19; 20 2020 Q.7.1 Construct a graph to illustrate the above schedule. Your graph should illustrate both the market demand and the market supply of bananas as well as the equilibrium price and the equilibrium quantity. (5) Q.7.2 Assume the current market price of bananas is R8 per kilogram. Explain in detail the way in which the market mechanism will work to restore equilibrium in the absence of government intervention. Q.7.3 List the functions of prices in the banana market. (8) (2)
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