Question
a. Explain what do you mean by demand schedule and demand curve! How the two are correlated?b. Also explain what do you supply schedule and
a. Explain what do you mean by demand schedule and demand curve! How the two are correlated?b. Also explain what do you supply schedule and supply curve! How the two are correlated? c. Describe how the market is in equilibrium!d. Draw a graph and explain how are the effects of the following changes on the equilibriumprice and quantity:(i) Scientist states that orange consumption reduces diabete risk, and simultaneouslyorange farmers utilize new fertilizer that can make orange trees to produce moreoranges.(ii) Technological advancement brings about a decline in the production cost of TV screen.
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