Question: a) Given the following information. Construct a graph and derive a market equilibrium. [5 Marks] Thousands of tomatoes Price per Kg demanded (Kg) Thousands

a) Given the following information. Construct a graph and derive a market

a) Given the following information. Construct a graph and derive a market equilibrium. [5 Marks] Thousands of tomatoes Price per Kg demanded (Kg) Thousands of tomatoes supplied (Kg) 85 34 72 80 37 73 75 40 75 70 43 77 65 46 79 60 49 81 b) Distinguish between price ceiling and price floor in managing market equilibrium discrepancies. c) Explain the determinants of price elasticity. [ 6 Marks] [4 Marks]

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Answer a To construct a graph and derive a market equilibrium we first need to plot the data provided on a supply and demand graph The quantity demand... View full answer

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