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1. The following table shows the demand and supply schedules of colour pencils: Price (RM) Quantity demanded by Household (units) Quantity Demanded by Market (units)
1. The following table shows the demand and supply schedules of colour pencils:
Price (RM) | Quantity demanded by Household (units) | Quantity Demanded by Market (units) | Quantity Supplied by Household (units) | Quantity Supplied by Market (unit) |
2.00 | 20 | 30 | ||
2.50 | 18 | 40 | ||
3.00 | 15 | 50 | ||
3.50 | 12 | 55 | ||
4.00 | 10 | 60 | ||
4.50 | 7 | 68 |
There are 50 household purchasing and 15 sellers selling color pencils in the market.
a) Determine the market demand and the market supply.
b) Draw the market demand curve and market supply curve in one diagram.
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