AQA, Aquinas, Economics, ECON1, Markets, Market Failure

1. ECON1
WWW.AQUINASECONOMICSAS.CO.UK
@AQUINASECONOMIC
Price Determination
Answer all the questions below
1. Explain what is meant by Supply
2. Draw a supply curve using the following information
Price of Llamas (£) Supply of Llamas
100 1
200 2
300 3
400 4
500 5
3. On the graph show what would happen if the quantity a Llama merchant was
willing to supply increases at each level by 3 Llamas
4. Ensure all supply curve are labelled appropriately
5. What other goods are likely to affect the supply for car tyres
6. List the factors which can affect the supply of a product
7. Explain the term producer surplus