ie 43 {6 ly schedules for petrol in Question 1 [26 marks in total] : 1 ‘Aresearch team has come up with the following demand and supP e Dhabi. Use the data below to answer the following questions. 4! ; Quantity demanded coms oe pg Price (as, per iter) (thousands ote per week) 1“ 12 7 : 8 08 10 04 12 0 4 a) Plot the data above ona fully labelled diagram and construct the demand and supply curves for re [8 marks}. Identify each curve on your diagram. 0 (Ne, u ve 6k UV VW . Vu 92 v 4 emund \ 2. q v a Fait © Chousnds of liter Rew wel 6) What ithe emia pri and wht ite equa quant? [2 marks] Weice eM Fowwks\ 23 v ) Shade (and label in your diagram above) the Cohsumer Surplus atthe market equilibrium. [3 marks} Deer Dig \iws: CS 4) Shade (and label in your diagram above) the Producer Surplus atthe market equilibrium. Bmarks] Worizondal \ines = 6 © | ©) Suppose the marke price for petrol is AED 08: Describe the situation in this market and 5 J.” explain how this market will adjust, [10 marks] yO We price was o BED \\w ees will We en wiv \o yo huce EB co \er perwee\. wile Ye bewakd Gor Way orice iee?? Whee theve wit Ane os deve 4 adiuchewt [ oo Ney will Wave fo Wwcrease Wt , ° odure Wek ie wag the lla i a and quavtityQuestion 2 [8 marks} g y, Consider new trade regulations in the UAE allowing less electronics to be imported from Chins strate, in a diagram, what the impact of such regulations ison the market supply of electronics in the UAE (label your diagram carefully). Headekvo S x 2 VeSove Vigne” S “ a a we real Question 3 [8 marks} : aassererccaned tuna being @ substitute for fresh tuna. If fresh tuna is on a 30% sale explain verbally (i.e., no graphs required) how this 30% sale on fresh tuna affects the demand curve for... canned tuna. Not m/cessege 4 a Cmte). Coonth have is, consber he Where 228 Vo Vibsk Fone crt) y Se Wen We YH oh Ws earns or Boceeose, ue demenk will coease. Wow eur Wwe conn Toma hemand will decwase, hecarse Ne \Werier Question 4 [18 marks in total] ‘The equation for a Demand curve is given by: (¢ Q40-P ‘The equation for the Supply curve is given by: Q-6+P 1. Find the equilibrium price (B*) and equilibrium quantity (Q*). (12 marks] Wy=#**> te + * of- Ho PNY Ch. Yo-\t= 23 u 'b, Assume now that the Demand curve changes to the following equation: poet Q10-P Zz ms Based on this new equation, could we say that “the Demand has increased”, or that “Demand has decreased”? [6 marks] \o- R= 6P Thre Locreaseh/ v2 o-s _ [Because ww Wu last equbtion wlwn Ve price = DMR We were willing To consume 9B vn We wew equation whe Yee pice 6 U tleyt willing to Gow sure ovly B adadass Naceque Nene ee