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Showing posts from May, 2017

supply and demand

Question 3 The following is a demand schedule for cheeseburgers for an individual. Plot the demand curve for cheeseburgers, with price on the Y-axis, and quantity demanded per week on the X-axis. PRICE OF CHEESEBURGERS QUANTITY DEMANDED 5.00 0 4.50 1 4.00 2 3.50 3 3.00 4 2.50 5 2.00 6 1.50 7 1.00 8 0.50 9 Plot the demand curve for cheeseburgers, with price on the Y-axis, and quantity demanded per week on the X-axis. Assume the individual has a fixed budget of £24 per week to spend on burgers, and the current price of cheeseburgers and chicken burgers is £3.00, and that a consumer buys 4 of each type of burger. Now assume that the price of cheeseburgers falls to £2. Using the concept