Question
Question 2.1.1 to 2.1.3 are based on the schedule below relating to the demand and supply of mini chocolate bars: 2.1.1 State and motivate which
Question 2.1.1 to 2.1.3 are based on the schedule below relating to the demand and supply of mini chocolate bars:
2.1.1 State and motivate which columns represent:
2.1.1.1 The demand aspect (5)
2.1.1.2 The supply aspect (5)
2.1.2 List the equilibrium price and equilibrium quantity for mini chocolate bars according to the schedule. Include in your answer the meaning of the equilibrium price and equilibrium quantity. (5)
2.1.3 Assume that at the price of R1.00, the quantity of mini chocolate bars increases from 13 bars to 14 bars. Discuss one relevant factor that can cause this change. (5)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started