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l. The following is the demand and supply data for car detailing services from January to December 2022: Price Quantity Demanded Quantity SuEplied 1,000.00 2,500
l. The following is the demand and supply data for car detailing services from January to December 2022: Price Quantity Demanded Quantity SuEplied 1,000.00 2,500 0 2,000.00 2,000 1,000 3,000.00 1,500 1,500 4,000.00 1,000 2,000 5,000.00 500 2,500 6,000.00 0 3,000 a. Plot a graph using the following data. (5 marks) b. Identify and explain the equilibrium point.' (5 marks) 0. During the months of January to February 2023, there was a high amount of rainfall. As a result the demand was altered; as reected in the table below: Price Quantity Demanded 1,000.00 2,000 2,000.00 1,500 3,000.00 1,000 4,000.00 500 5,000.00 250 6,000.00 0 Plot this new demand curve together with the graph that was plotted in Qla. (5 marks) Analyse 2 other factors that can cause a backward shift of the demand curve for car detailing services. (5 marks) Using a diagram, illustrate the consequence for the car detailing market if price was fixed at (i) 2,000.00 and (ii) 5,000.00 in November 2022? (5 marks) Using a diagram, indicate the (i) consumer surplus and (ii) producer surplus
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