Quelpr

CSEC Economics · May/June 2015 · Paper 2 · Question 1(a)(i)

Based on Table 1 showing the daily demand for and supply of sno-cones:

Identify the equilibrium price.

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Other parts of this question

  1. 1(a)(ii)Identify the equilibrium quantity.[1 mark]
  2. 1(b)List THREE factors that affect the price elasticity of demand.[3 marks]
  3. 1(c)(i)Explain what happens in the market when the price per sno-cone is $4.[3 marks]
  4. 1(c)(ii)Explain what happens in the market when the price per sno-cone is $1.[3 marks]
  5. 1(d)Calculate the price elasticity of supply when the price per sno-cone changes from 2 to 4.[4 marks]

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