Hand-Up 2 (Week 5)
Consider the following supply and demand schedules for skateboards.
|Price ($)||Quantity Demanded (thousands per month)||Quantity Supplied (thousands per month)|
State the market equilibrium price and quantity of skateboards. (1 mark)
Sketch the market for skateboards in a diagram, making sure to include all appropriate labels. (1 mark)
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)
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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