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Your answers should be descriptive enough to explain the economic terms where applicable. 3. The table shows the demand and supply schedules for CDs.
Your answers should be descriptive enough to explain the economic terms where applicable. 3. The table shows the demand and supply schedules for CDs. Price Quantity Demanded Quantity Supplied (Rs. Per CD) (CDs per day) 500 300 100 600 250 150 700 200 200 800 150 250 900 100 300 a. What is the market equilibrium? (2 Marks) b. If the price of a CD is Rs 600, describe the situation in the CD market. Explain how market equilibrium is restored. (5 Marks)
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a To find the market equilibrium we need to identify the price at which quantity demanded equals quantity supplied From the given demand and supply sc...
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Microeconomics
Authors: Paul Krugman, Robin Wells
3rd edition
978-1429283427, 1429283424, 978-1464104213, 1464104212, 978-1429283434
