Question: Question 1: Price Quantity Demanded Quantity Supplied 0.00 1350 0 5.00 1200 300 10.00 1050 600 15.00 900 900 20.00 750 1200 25.00 600 1500

Question 1:

Price

Quantity Demanded

Quantity Supplied

0.00

1350

5.00

1200

300

10.00

1050

600

15.00

900

20.00

750

1200

25.00

600

1500

30.00

450

1800

35.00

300

2100

a)Thetable shows thedemand and supply schedules fortuna sashimi (sushi). Plot bothDemand and Supplyon a piece of paperand attach it as a photo to thisdocument.Labeleverythingthat'srelevant andfindthe equilibrium price and quantity.

b)Calculate the consumer surplus, producer surplus, and total surplusat the market equilibrium.

c)Now suppose the mayor of Vancouver (who loves sushi) thinks the equilibrium market price of tuna sashimi is too high.Brieflydescribehow the mayor can use price controls to change the price so he is happy.Show this in the graphin part (a).

Question 2:The graphbelow(on theleft)shows two demand curves for Dr. Pepper soda. D0is the original curve and D1is the new curve.Describe2reasons that can explain the demand curve shift.

Graph for Question 2

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