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Supply and Demand for Skateboards

Hand-Up 2 (Week 5)

Instructions

  • This hand-up is based on Topics 2 and 3 of BUS114.
  • You must submit this hand-up at the beginning of class in Week 5. The hand-up will be returned to you with feedback in Week 6.
  • The hand-up must be hand written.
  • Your best 3 out of 4 hand-ups count for 25% of your final mark.
  • Submissions which are 1) through email 2) typed or 3) handed in late will not be accepted.

Consider the following supply and demand schedules for skateboards.

Price ($) Quantity Demanded (thousands per month) Quantity Supplied (thousands per month)
550 60 130
500 65 120
450 70 110
400 75 95
350 80 80
300 85 75
250 90 70
200 95 65

Question 1

State the market equilibrium price and quantity of skateboards. (1 mark)

Question 2

Sketch the market for skateboards in a diagram, making sure to include all appropriate labels. (1 mark)

Question 3

If the supplier of the skateboards decided to restrict the price of a skateboard to be $500, would this result in a shortage or a surplus? Explain why. What is the size of the surplus or shortage? (2 marks)

Question 4

Say Donald Trump was photographed riding one of these skateboards outside the White House. What effect might this have on the demand for these skateboards, and which way would the demand curve shift? (1 mark)

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