Question: Explain the answer Question 1 mark) Use the data to calculate the market demand Quantity demanded Market price Tom George Lisa Emy demand $50 i.

Explain the answer

Question 1 mark) Use the data to calculate the market demand Quantity demanded Market price Tom George Lisa Emy demand $50 i. What is the equilibrium price? 11. If the price is set at $6 what is the disequilibrium? How large is it? ii. If a price is set at $3 what is the disequilibrium? How large is it? Question 2 marks Question 3 (5 marks) Use the demand and supply curve to draw the market equilibrium Assume that the market for automobiles in the United Arab Emirates is in equilibrium. Using suitable graphs indicate what will be the change in Price equilibrium price and quantity in response to the following determinants. a. The price steel used as input in automobile industry decrease. b. The consumers' income increase (automobiles are normal products) c. The cost of public transport (substitute) decrease. d. The number of consumers decrease. e. The wages for the automobile workers increase

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