Question 2:
Consider the Demand and Supply schedules.
Price (R/unit)
150
120
90
Demand (number of units)
10
20
30
Supply (number of units)
50
40
30
2.1) Determine the demand and supply functions in the form P=aQ+b.
2.2) Determine the coordinates of the market equilibrium.
2.3) Draw a sketch graph of the demand and supply functions on a self-drawn system of axes for region Q>= 0, P>=0. Label the axes correctly, in economics it is customary to take the horizontal axis as the Q-axis and the vertical axis as the P-axis. Clearly indicate the intercepts with the axes.
2.4) Determine the effect of a unit tax of R6 on the supply function. First determine the new supply function and then sketch the new supply function on the set of axes in question 2.3 as a dotted line.
2.5) Determine the coordinates of the new market equilibrium. Explain how the intercepts with the axes and the new market equilibrium will differ from the first one.
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Vraag 2/Question 2:
Consider the vraag and supply schedules:/Beskou die vraag-en aanbodskedules
Price(R/unit)/ Demand (number of units)/ Supply(number of units)/ Prys(R/eenheid) Vraag (aantal eenhede) Aanbod (aantal eenhede)
150/ 10/ 50
120/ 20/ 40
90/ 30/ 30
2.1
Determine the demand and supply functions in the form P=aQ+ b./ Bepaal die vraag- en aanbodfunksies in die vorm P=aQ+b. (2)
2.2
Determine the coordinates of the market equilibrium. I Bepaal die koordinate van die markewewig. (2)
2.3
Draw a sketch graph of the demand and supply functions on a self-drawn system of axes for the region Q>=0, P>=0. Label the axes correctly; in economics it is customary to take the horizontal axis as the Q-axis, and the vertical axis as the P-axis. Clearly indicate the intercepts with the axes./ Maak 'n sketsgrafiek van die vraag- en aanbodfunksie op 'n self-getekende assestelsel vir die gebied Q>=0, P>=0. Benoem die asse korrek; in ekonomie is dit gebruiklik om die horisontale as as die Q-as te neem, en die vertikale as as die P-as. Dui die afsnitte met die asse duidelik aan. (2)
2.4
Determine the effect of a unit tax of R6 on the supply function. First determine the new supply function and then sketch the new supply function on the set of axes in 2.3, as a dotted line./ Bepaal die effek van 'n eenheidsbelasting van R6 op die aanbodfunksie. Bepaal eers die nuwe aanbodfunksie en skets dan die nuwe aanbodfunksie op die assestelsel in 2.3, as 'n stippellyn (2)
2.5 Determine the coordinates of the new market equilibrium. Explain how the intercepts with the axes and the new market equilibrium will differ from the first one./ Bepaal die koordinate van die nuwe markewewig. Verduidelik hoe die afsnitte met die asse en die nuwe markewewig van die eerste een sal verskil. (2)
