Question
2. The following table shows the annual percentage change in volume (which can be understood as quantity) and price of the sales of goods sold
2. The following table shows the annual percentage change in volume (which can be understood as quantity) and price of the sales of goods sold in certain types of stores in 2020.
Types of stores (sectors) /Percentage change in price from the previous year/ Percentage change in volume from the previous year
Food +5.8% -17.5%
Supermarkets +5.5% +5.6%
Clothing and Footwear -5.6% -37.1%
Consumer durables -1.3% -8.9%
Department Stores +1.2% -23.4%
Jewellery +7.5% -57.2%
Medicines and Cosmetics +1.2% -50.6%
Note:
1. Values of goods used together with provision of services are not included in the retail sales statistics. (For example, value of food in restaurant dining is not included in the food category above.)
2. Purchases by tourists at these stores are included in the statistics. Note that for some types of stores, a high proportion of sales are to tourists.
Choose TWO types of stores (sectors) in the table above and analyze the change in price and quantity for each types of stores (sector) using the demand-supply analysis. Also discuss in terms of what actually happened in 2020 compared to 2019 to answer this question. Include diagrams or any other forms of information that are useful in making your points.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started