Microeconomics

There are THREE (3) questions In this section. Answer ALL questions. Question 1 The following table gives the daily supply and demand for mochi-ice cream at a store: Table 1 Quantity demanded Quantity supplied (units) d) Determine the equilibrium price and quantity. (2 Marks) Mochi-ioe cream has gone viral on TikTok and hence increases the quantity demanded of mochl-ioe cream by FIVE (5) units at each price. Illustrate the changes on the graph. {3Marks} Briey explain any TWO (2) factors that can cause the supply curve to shift leftward. (4 Marks) 'Surpluses drive prices up: shortages drive them down." Do you agree? (1 Mark} (Total: 10 Marks}