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3 marksPrice Determination and Market Equilibrium

CSEC Economics · May/June 2017 · Paper 2 · Question 6(c)(iii)

Table 2 shows the market for tamarind balls.

Explain the situation that would exist in the market if the price is $1.

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Other parts of this question

  1. 6(a)(i)Define the term 'Market equilibrium'.[2 marks]
  2. 6(a)(ii)Define the term 'Ceteris paribus'.[2 marks]
  3. 6(b)List THREE factors that affect the price elasticity of demand.[3 marks]
  4. 6(c)(i)Using the information in Table 2, identify the equilibrium price and quantity.[2 marks]
  5. 6(c)(ii)Explain the situation that would exist in the market if the price is $5.[3 marks]
  6. 6(d)After ten years, the market for tamarind balls suddenly failed. Discuss TWO possible reasons for the failure.[5 marks]

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