a) Using Table 1 given above, plot the demand and supply curve on the graph paper. Lab
axes and indicates for each axis the units being used to measure price and quantity.
b) Using the algebra analysis, find the equilibrium price and quantity. All workings mu
clearly shown.
If the government sets the maximum market price at RM1.00, will this create a shortage
surplus in the economy? Compute the size of the shortage or surplus (whichever is relev
d) Compute the size of the producer or consumer surplus when the market is in equilibrium-