Q.2 Calculate and draw Market demand curve. Also show changes in demand. (Label each graph properly) Quantity demanded by khalid 98 105 Total Quantity demanded (Market demand) 50 Price Quantity Quantity Quantity demanded by demanded by demanded by Salim Ahmed Omar 50 70 82 40 55 78 90 30 60 85 20 65 90 100 10 75 95 95 115 120 110 130 Q.3 Determine equilibrium price and equilibrium quantities with the help of the following table and graph. SURPLUS EQUILIBRIUM SHORTAGE YES/NO Quantity Quantity Relation between Demanded Price Supplied Demand and Supply 250 50 200 2 100 150 150 100 4 200 SO S 250 Q.1. Suppose we were looking at the demand of Shoes at one of shops at salalah market. We found that, when they had a Price R.O 6.7 they Sell 125 shoes weekly. But when shop manager decided to raise the Price to R.O. 10.5, He found that, the demand for shoes dropped to 90 shoes weekly. a- Calculate the elasticity of demand for shoes. (5 marks) Q.4 CASE STUDY Economics is the study of how people and society choose to employ scare resources that could have alternative use in order to produce various commodities and to distribute them for consumption purpose. In Oman economy, producer consider the aggregate demand of all consumers before producing any good and service. Similarly, each consumer manages his/her income for consumption and saving. Firms produce output and they use factors of production. Government control the functioning of the economy and analysis of Oman's economy is made at two levels that are Micro level and Macro level. Price of products in Oman is determined at the equilibrium price level and producer make decision based on the cost of production. Additionally, Exchange rate of Omani Rial is also determined with the interference of government and central bank of Oman but changes in exchange rate are also observed with time. Oman's economic system also faces Economic Problems such as growth and production method. Differentiate between two branches of Economics mentioned in above case. b. Identify examples of microeconomics and macroeconomics from this case study. c. What are the economic problems that Oman economy has to face? d. What is the difference between economy and economics? e Write at least 2 examples of goods and services? Q.2 Calculate and draw Market demand curve. Also show changes in demand. (Label each graph properly) Quantity demanded by khalid 98 105 Total Quantity demanded (Market demand) 50 Price Quantity Quantity Quantity demanded by demanded by demanded by Salim Ahmed Omar 50 70 82 40 55 78 90 30 60 85 20 65 90 100 10 75 95 95 115 120 110 130 Q.3 Determine equilibrium price and equilibrium quantities with the help of the following table and graph. SURPLUS EQUILIBRIUM SHORTAGE YES/NO Quantity Quantity Relation between Demanded Price Supplied Demand and Supply 250 50 200 2 100 150 150 100 4 200 SO S 250 Q.1. Suppose we were looking at the demand of Shoes at one of shops at salalah market. We found that, when they had a Price R.O 6.7 they Sell 125 shoes weekly. But when shop manager decided to raise the Price to R.O. 10.5, He found that, the demand for shoes dropped to 90 shoes weekly. a- Calculate the elasticity of demand for shoes. (5 marks) Q.4 CASE STUDY Economics is the study of how people and society choose to employ scare resources that could have alternative use in order to produce various commodities and to distribute them for consumption purpose. In Oman economy, producer consider the aggregate demand of all consumers before producing any good and service. Similarly, each consumer manages his/her income for consumption and saving. Firms produce output and they use factors of production. Government control the functioning of the economy and analysis of Oman's economy is made at two levels that are Micro level and Macro level. Price of products in Oman is determined at the equilibrium price level and producer make decision based on the cost of production. Additionally, Exchange rate of Omani Rial is also determined with the interference of government and central bank of Oman but changes in exchange rate are also observed with time. Oman's economic system also faces Economic Problems such as growth and production method. Differentiate between two branches of Economics mentioned in above case. b. Identify examples of microeconomics and macroeconomics from this case study. c. What are the economic problems that Oman economy has to face? d. What is the difference between economy and economics? e Write at least 2 examples of goods and services
