4. A group of 100 students were asked if they would buy a copybook at a range of prices. The answers are recorded below in the demand schedule. Examine the demand schedule and draw the demand curve for the copybooks. Remember to label the graph and the axes.
Price (€) 0.40 Quantity demanded 100
0.60 90
0.80 80
1.00 70
Supply questions
5. Draw a supply curve which represents the supply of Mars Bars. (a) Illustrate what happens if Mars reduces its prices by 20%. (b) Show what happens if Mars increases its prices by 20%. (c) Show what happens on the supply curve if, due to changing tastes, the price that consumers are willing to pay for chocolate confectionary increases.
(d) Show what happens to the supply curve if bad harvests mean the supply of cocoa is dramatically reduced.
6. Describe the factors that can influence the supply of orange juice.
7. Tropeze Limited will supply varying amounts of orange juice depending on the price that consumers will pay. The table below shows the various quantities the company will supply, at different prices. Examine the table and draw the supply curve for orange juice. Remember to label the graph and the axes.
Price (€) Quantity supplied
0.60 85
0.70 95
0.80 105
0.90 115
1.00 125
1.10 135
1.20 145
1.20 60
1.40 50
1.60 40
8. A stationery company producing school copybooks will produce different numbers of copybooks depending on the price. The supply schedule below shows the different prices and quantities. Examine the table and draw the supply curve for copybooks. Remember to label the graph and the axes.
