Price determination

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AQA, Aquinas, Economics, ECON1, Markets, Market Failure

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Price determination

  1. 1. ECON1 WWW.AQUINASECONOMICSAS.CO.UK @AQUINASECONOMIC Price Determination Answer all the questions below 1. Explain what is meant by Supply 2. Draw a supply curve using the following information Price of Llamas (£) Supply of Llamas 100 1 200 2 300 3 400 4 500 5 3. On the graph show what would happen if the quantity a Llama merchant was willing to supply increases at each level by 3 Llamas 4. Ensure all supply curve are labelled appropriately 5. What other goods are likely to affect the supply for car tyres 6. List the factors which can affect the supply of a product 7. Explain the term producer surplus

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