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(a) Fill in the table above for market demand and market supply. (b) Draw market demand and market supply curves based on the answer in

(a) Fill in the table above for market demand and market supply.

(b) Draw market demand and market supply curves based on the answer in (a) and label equilibrium price and equilibrium quantity

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Answer ALL questions [Total: 8 Marks] Question 1 (8 marks): Table below shows the quantity demanded and quantity supplied for brown rice: Price per kg Quantity Demanded (kg) Quantity Supplied (kg) (RM) Individual Market Individual Demand Demand Supply Market Supply 7.00 50 45 7.50 45 50 8.00 40 55 8.50 35 70 9.00 30 75 9.50 25 80 There are 150 households and 75 sellers of brown rice in this market. (a) Fill in the table above for market demand and market supply. (4 marks) (b) Draw market demand and market supply curves based on the answer in (a) and label equilibrium price and equilibrium quantity. (4 marks)

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