How shifts in demand and supply change the market price. Chapter IV review
Answers are for parents and teachers.
1
Write which curve shifts and which way, and the price change: a) the new school year starts (exercise books); b) the petrol price rose (cars); c) new technology introduced (phones).
For example: a) D right, price ↑; b) D left, price ↓; c) S right, price ↓.
2
The price rose from 10 000 to 12 500 so‘m. By how many so‘m?
2500
3
New equilibrium: price 12 500, quantity 40. Revenue in so‘m?
500000
4
Choose five terms from Chapter IV and write the meaning of each in one sentence.
Sample: demand – how much buyers can buy at different prices; supply – how much sellers will sell; equilibrium price – the price where demand and supply are equal, and so on.