Instructions: Answer the following questions. Write your answers on the space provided. 1. What is competitive market means? Give products which are competitive in market. 2. How did the price change in affects the demand and supply curve? 4. Based on your answer in number 2, what is the market equilibrium price & market equilibrium quantity? 3. Draw the demand curve and the supply curve for Hinatuan prawn products using the following demand and supply schedule. Price per prawn Quantity of lobster Price per prawn Quantity of lobster (per kilo) supplied (kilo) (per kilo) demanded (kilo) 600 10 600 2 550 8 550 400 6 400 6 350 4 350 8 5. Explain the demand curve and the shift of the demand curve. 500 PRAWN PRODUCTS 450 400 350 300 Price per kilo 250 200 150 Da 100 D2 50 D1 5 10 15 20 Quantity per kiloInstructions: Answer the following questions. Write your answers on the space provided. 1. What is price elasticity of demand means? When can we say that the price elasticity of demand is elastic, unitary or inelastic? 2. Calculate the price elasticity of demand below. At a price of Php 150 per variety show ticket, the quantity of variety show ticket demanded is 1, 500 (point A). When price rises to Php 250 per variety show ticket, the quantity demanded falls to 1, 000 (point B). 400 350 300 B 250 200 A Price per variety show ticket 150 100 50 5 10 15 20 Quantity of variety show ticket (in hundreds) 3. Solve for the total revenue and total expenditure on the graph below. Which point has highest total revenue? Which point has highest total expenditure? Explain. 600 A= (10, 500) 500 B- (20, 400) 400 C- (30, 300) 300 Price per concert ticket D= (40, 200) 200 Ex (50, 100) 100 0 10 20 30 40 50 Quantity of concert ticket (in thousands) 4. Compute for the cross-price elasticity of demand and identify whether the goods are substitute or complementary. The initial price and quantity of umbrella demanded is (P1 = 150, Q1 = 12). The subsequent price and quantity is (P2 = 130, Q2 = 15). On the other hand, the initial price and quantity of jacket demanded is (P1 = 350, Q1 = 8). The subsequent price and quantity is (P2 = 450, Q2 = 5). 5. What is price elasticity of supply means? When can we say that the price elasticity of supply is elastic, unitary or inelastic