The demand and supply for whiteboard markers at various market prices

Question 1:
The data in the table below shows the demand and supply for whiteboard markers at various rnarket prices on p,ay, Whiteboard markers market onçb
Quantity Demanded (Millions per year) Quantity Supplied (Millions per year) Price (£) 900 700 100 300 1.00 2.00 500 300 500 700 3.00 4.00 100 900 5.00
a. Plot the .11 demand and supply schedule for Whiteboard markers market and
identifying the market equilibrium price and quantity.
Please provide your answer in the box below
b. If the price increases from the market equilibrium level to £5, explain what would
happen to the market demand and supply schedule in the short run.
,..5.P.wde rowan…, in the box below
c. Assuming that whiteboard markers are normal goods, explain what would happen to the market demand and supply schedule in tho long run, if consumers income increases.
Question 2: Suppose that the price of whiteboard markers in the market was initially £2 each and the quantity demanded was 8000. If the market price of rose increases to £3 each, then the quantity demanded decreases to 6500.
a. What is the price elasticity of demand for whiteboard markers? Please use the PED equation end show your calculation process in your answer.
SECTION B: MACROECONOMICS,
Distinguish between a Pure Market Economy and a Centrally Planned Economy.
Discuss how both forms of econornies deal with…
(a) The problems of scarcity and choice. (b) The ,ice mechanism. • (Maximum word limit: 750) • You are expected to do research and provide academic references (articles and hooks). • This is NOT an essay type questions,. is an ESSAY! • Please structure your writing and provide proper academic references as you would do for on academic essay.