Question
a.Keeping the present rate of inflation (increase in the general price level) in mind, consumers living in Karachi are anticipating that the price of tomatoes
a.Keeping the present rate of inflation (increase in the general price level) in mind, consumers living in Karachi are anticipating that the price of tomatoes will go up just like it did last year in November. In your opinion explain if there would be any impact on the current demand for tomatoes or not. Also, if there would be any change elucidate the movement or shift in the demand curve graphically.
b.Suppose that Zimal and Zawaiyar are the only consumers of perfumes in a particular market. The following table shows their annual demand schedules:
Price (Per Bottle of Perfume) Zimal's Quantity Demanded
100 600
200 500
300 400
400 300
500 200
600 100
Zawaiyar's Quantity Demanded Market Supply
650 250
550 450
450 850
350 1050
250 1250
150 1450
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