Principles of Macroeconomics Homework – ONE Okanagan College 3. The following table sets out the demand and supply schedules for roses on a normal

  1. Questions

Draw the PPF

How does the ppf illustrate scarcity?

How does the ppf illustrate production efficiency?

how does the ppf shows that every choice involves a tradeoff?

how does ppf illustrate opportunity cost?

Principles of MacroeconomicsHomework – ONEOkanagan College3. The following table sets out the demand and supply schedules for roses on a normalweekend.Price5(dollar per rose)Quantity demandedQuantity suppliedA(per week)6.00(per week)1557.00128.00O9.00E1110.00W13(i)Draw the demand curve and supply curve of rose market in a diagram.What is the equilibrium market price and quantity traded? Explain theequilibrium process.(iii)Rose sellers know that Valentine Day is next week, so they withhold supply of 5roses at each price in this week. What is the equilibrium price and quantity tradedin this week? Explain with the help of diagram.(iv)On Valentine Day, demand increases by 10 roses at each price and supplyincreases by 5 roses (those withhold last week) at each price. What is theequilibrium price and quantity traded in this week? Explain with the help ofdiagram.

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