BECN150 Microeconomics

Learning Outcomes

The learner will be able to:

· analyze a market in terms of demand and supply and establish equilibrium

· accurately graph and label the demand and supply curves for a market

· determine what will shift demand and supply

· calculate and identify the impact of elasticity of demand in a market

· create and interpret a production possibility curve

 

Instructions

Answer the following questions. Please submit your answers in ONE Word document with all your answers labelled and in the correct order. Excel and PDF files will not be accepted.

 

We are examining the market for gold picture frames in Ontario. Given below are the demand schedule and supply schedule for this product for one year.

· Accurately graph the demand and supply curves on one graph and determine equilibrium in this market.

·  Label the graph and axises properly.

· State where equilibrium is (both price and quantity), don’t just point to it on the graph.

Make sure you have the price and quantity demanded on the correct axis.