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Lecture 2 Tutorial

The document discusses a market for McWilly burgers in five districts of Village Willy over seven years. It provides data on quantity supplied and demanded in each district at prices ranging from RM10 to RM16. Students are asked to calculate total market supply and demand at each price, derive the market supply and demand functions, solve to find the equilibrium price and quantity, and plot the supply and demand curves on a graph to illustrate the equilibrium.

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12 views

Lecture 2 Tutorial

The document discusses a market for McWilly burgers in five districts of Village Willy over seven years. It provides data on quantity supplied and demanded in each district at prices ranging from RM10 to RM16. Students are asked to calculate total market supply and demand at each price, derive the market supply and demand functions, solve to find the equilibrium price and quantity, and plot the supply and demand curves on a graph to illustrate the equilibrium.

Uploaded by

jahsonjackc
Copyright
© © All Rights Reserved
Available Formats
Download as PDF, TXT or read online on Scribd
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Microeconomics, SJ14103
Lesson 2 Tutorial Discussion: Demand Curve
Semester 1, 2023/2024

Consider a market of five districts in Village Willy. The following quantity demanded and
supplied for McWilly burger set were collected from the five districts in 7 years. The price
increased each year from RM10 to RM16, consequently the quantity demanded in each
district changed every year. Based on the information provided in Tables 1 and 2, answer all
questions below.

Quantity Supplied
Price (RM)
District 1 District 2 District 3 District 4 District 5
10 10 20 20 25 45
11 13 23 23 28 48
12 14 27 27 31 51
13 17 30 30 34 54
14 20 33 33 37 57
15 23 36 36 40 60
16 26 39 39 43 63
Table 1

Quantity Demanded
Price (RM)
District 1 District 2 District 3 District 4 District 5
10 85 35 40 30 50
11 72 32 37 27 47
12 59 29 34 24 44
13 46 26 31 21 41
14 33 23 28 18 38
15 20 20 25 15 35
16 7 17 22 12 32
Table 2

1. Calculate the market supply at each price level.


2. Calculate the market demand at each price level.
3. Find the market demand and supply functions.
4. Solve the two functions to obtain the market equilibrium price and quantity.
5. Plot the market supply and demand curves using price–quantity graph (2mm A4
graph paper). Determine the market equilibrium price and quantity.

(Notes: Handwriting is acceptable for tutorial exercises.)

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