Question: Question no 1 : 1. Comment on the following graph .......5 marks MARKET United North COMMAND ECONOMY States Canada Sweden Korea ECONOMY Modern Mixed Economies

Question no 1 : 1. Comment on the following graph .......5

Question no 1 : 1. Comment on the following graph .......5 marks MARKET United North COMMAND ECONOMY States Canada Sweden Korea ECONOMY Modern Mixed Economies Bolivia Traditional Mixed Economies Myanmar TRADITIONAL ECONOMY Question no 2 - giving the following data .......5 marks Quantity Demanded Quantity supplied Price($ per Kg) (millions of kg per year) (millions of kg per year) (D) (S) $2.50 2.00 1.50 AWN - 1.00 50 a) What IS the equilibrium price ? b) Calculate the initial consumer surplus and producer surplus

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