Microeconomics

Table of Contents

1. Topic pack - Microeconomics - introduction
2. 1.1 Competitive Markets: Demand and Supply
3. 1.1 Competitive Markets: Demand and Supply - notes
4. 1.1 Competitive markets - questions
   1. Market structures - self-test questions
   2. Market structure - short answer
   3. Price as a signal - short answer
   4. Demand - self-test questions
   5. Demand - short answer
   6. Supply - short answer
   7. Demand and supply - short answer
   8. Markets and prices - self-test questions
   9. Market equilibrium - numerical
   10. Demand and supply - data response
   11. High Food Prices
   12. Oil - the rise and rise
   13. New Zealand dairy prices increase
   14. Orange juice will soon be a luxury
   15. The true face of global warming
   16. How much is a 2p worth? Actually 3p
   17. Labour mobility
5. 1.1 Competitive markets - simulations and activities
6. 1.2 Elasticities
7. 1.2 Elasticities - notes
8. Section 1.2 Elasticities - questions
9. Section 1.2 Elasticities - simulations and activities
10. 1.3 Government intervention
11. 1.3 Government Intervention - notes
12. 1.3 Government intervention - questions
13. 1.3 Government intervention - simulations and activities
14. 1.4 Market failure
15. 1.4 Market failure - notes
16. Section 1.4 Market failure - questions
17. Section 1.4 Market failure - simulations and activities
18. 1.5 Theory of the firm
19. 1.5 Theory of the firm - notes (HL only)
20. Section 1.5 Theory of the firm - questions
21. Section 1.5 Theory of the firm - simulations and activities
22. Print View

Demand and supply - short answer

Interaction of demand and supply

Question 1

The data in the table below shows the demand and supply for digital cameras at various prices.

(a) Plot the demand and supply curves on a diagram.
(b) What would be the excess demand or supply if the price was set at £32?
(c) What would be the excess demand or supply if the price was set at £80?
(d) What is the equilibrium price and quantity?
(e) If income rises and demand, as a result, rises by 20 million units at each level, what will be the new equilibrium price?

Question 2

In the table below tick the appropriate column to show the impact of the change given on the market for cinema tickets.