question archive (a) Explain the differences between change in quantity demanded and change in demand, and factors lead to these changes
(a) Explain the differences between change in quantity demanded and change in demand, and factors lead to these changes
Subject:EconomicsPrice: Bought3
(a) Explain the differences between change in quantity demanded and change in demand, and factors lead to these changes.
Support your explanation with graphical presentation and empirical examples.
(b) In the market for SUVs, several events occur one at a time.
Explain the influence of each event on the quantity supplied of SUVs and the supply of SUVs. The events are:
(i) The price of a truck rises.
(ii) The price of an SUV falls.
(iii) The price of an SUV is expected to fall next year.
(iv) An SUV engine defect requires a huge and costly manufacturer's recall to re-place the defective engines.
(v) A new robot technology lowers the cost of producing SUVs.
Illustrate the effects of each event by either a movement along the supply curve or a shift in the supply curve.
(c) Analyse the effects of COVID 19 pandemic to the market equilibrium in the following industries:
Ø ? Malaysia tourism industry.
Ø ? Hand sanitizer industry.
Ø ? Labour market in health industry who becomes the front liner in this pandemic issue.
i) Use graphical presentations to show the changes in the price and quantity equilibrium of each industry.
ii) Demonstrate price as market automatic stabilizer works to bring the market in each industry back to equilibrium.
