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PRINCIPLES OF ECONOMICS TUTORIAL 3 (CHAPTER 2) 1) Discuss the elements that contribute to the supply in an economy. a) Consider the market for eggs. For each of the events listed here, identify which of the determinants of demand or supply are affected. Also indicate whether demand or supply increases or decreases. i. The price of chicken feed that is fed to hens falls. . Next weekend is Hari Raya Puasa. ifi. A new study is released that indicates that eating eggs is hazardous to one's health. 2) Market demand and market supply illustrate the different amounts of a product that all buyers in a market would demand and all sellers in a market would supply at various prices. Price per Bagel Qd Qs (RM) 0.2 30.000 2,000 0.40 24,000 8,000 0,60 20,000 12,000 0.80 16,000 16,000 1.00 12,000 20,000 1.20 8,000 24,000 1,40 4,000 28,000 1.60 2,000 30,000 a) Draw the demand and supply curve. b) What is the equilibrium price and quantity