Question: a) Use a diagram to explain the difference between an increase in demand and an increase in the quantity demanded. [4] b) Complete the following

a) Use a diagram to explain the difference between an increase in demand and an increase in the quantity demanded. [4]

b) Complete the following table to find the market demand curve for cups of coffee at a company(2)

Price Mary-Ann Rhys Stella Geraint Market Total
3 8 4

6

10
4 7 3 5 9
5 6 2 4 8
6 5 1 3 7
7 4 0 2 6

c) Complete the following table to find the market supply for cups of coffee at the company (2)

Price

Firm A Firm B Market Supply
3 4 6
4 6 8
5 8 10
6 10 12
7 12 14

d) Using the tables above in (b) and (c), plot the market demand and supply for coffee on the same set of axes. Label your diagram and axes clearly. [6]

e) Using the information above, calculate the demand and supply equations for this market. [4]

f) Use the equations in (e) above to solve for the equilibrium in this market. [2]

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