1. The table shows the demand and supply schedules for running shoes.
1. What is the market equilibrium?
2. If the price is $70 a pair, describe the situation in the market.
3. After situation in (2) explain how market gets back to equilibrium.
4. If a rise in income increases the demand for running shoes by 100 pairs a
day at each price, explain how the market adjusts to its new equilibri-
um (calculate new demand schedule and drawing demand and supply
curve showing changes in the market)
Price
(dollars
per pair)
60 1,000 400
70 900 500
80 800 600
90 700 700
100 600 800
110 500 900
Quantity
demanded
(pairs per day)
Quantity
supplied
2. Give 20 examples of Substitute goods and another 20 examples of Complementary goods.
3. Considering markets for bread and rice.
1. Bread is substitute or complement good to rice?
2. If price of bread is increases, what would affect to demand for rice? Drawing graph
and explain
3. Why the drought will lead to a rise in the price of bread. Drawing graph and explain.
4. Regarding to market for smart phones branding Apple and Samsung
1. If Apple invented iphone10s and released to world market, what would happened to
market for Samsung Galaxy S6 (analyze by 3 steps)
2. If Thailand, japan, and china have invented new smart phone technology and it totally
this situation on Market equilibrium of smart phone. (analyze by 3 steps)
3. New research claimed that smart phone can help developing children ability in various
learning skills, in your opinion, what would affect to market for smart phone.
substitutes to smart phones from Apple and Samsung. Please analyze the impact of