Paper 2 structured question: Price determination
Paper 2Structured Questions1 marks
Data Table
Demand and Supply for Oranges
The table below shows the demand and supply schedules for oranges at different prices.
| Price (per kg) | Quantity Demanded (kg) | Quantity Supplied (kg) |
|---|---|---|
| $1 | 100 | 50 |
| $2 | 80 | 80 |
| $3 | 60 | 100 |
| $4 | 40 | 120 |
- a[1]
State the equilibrium price for oranges based on the data provided.
Aim for approximately 1 distinct marking point.