The table sets out the demand and supply schedules for roses on a normal weekend. Questions 1.
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The table sets out the demand and supply schedules for roses on a normal weekend.
Questions
1. If the price of a rose is $6, describe the situation in the rose market. Explain how the price adjusts.
2. If the price of a rose is $9, describe the situation in the rose market. Explain how the price adjusts.
3. What is the market equilibrium?
4. Rose sellers know that Mother’s Day is next weekend and they expect the price to be higher, so they withhold 60 roses from the market this weekend. What is the price this weekend?
5. On Mother’s Day, demand increases by 160 roses.
What is the price of a rose on Mother’s Day?
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