Question: HC1072 turorial questions Tutorial 2 Week 3 Question 3 (7 marks) Draw a graph of market equilibrium. Explain what the equilibrium point means (3 marks).

HC1072 turorial questions

HC1072 turorial questions Tutorial 2 Week 3 Question 3 (7 marks) Draw

Tutorial 2 Week 3 Question 3 (7 marks) Draw a graph of market equilibrium. Explain what the equilibrium point means (3 marks). On the same graph, draw a condition of surplus (1 mark). Discuss what surplus means by answering the following sub-questions. a) Describe the behavior of buyers and sellers in times of surplus (1.5 marks). b) From your surplus price describe what will happen to the market price (1.5 marks)

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