b. The economic system is the framework for arranging the relationships between people,businesses, and the government to make decisions about fundamental economicissues. Distinguish between the capitalist and socialist economic systems on:i.Government intervention.ii.iii.Ownership of resources.Presence of competition.c. The following table gives the demand and supply schedules for cabbage in Section 7,Shah Alam.Price per kg (RM) Quantity demanded (kg)3.006.009.0012.0015.0060005000400030002000Quantity supplied (kg)20003000400050006000i. On a graph paper, draw the demand and supply curves for cabbage. Label all axes,all curves and the equilibrium point. (H PAPER.ii. What are the equilibrium price and quantity traded in the market for cabbage?iii. Is there a surplus or shortage at the price of RM6.00? How much is the surplus orshortage?iv. Sketch a new demand-supply diagram to show what happen to the equilibriumprice and quantity when a heavy rain that occurs continuously had destroyed 1/3of the cabbage crop. Rretv. Sketch a new demand-supply diagram to show what happen to the equilibriumprice and quantity when vegetarian diet is becoming more popular. T.

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b. The economic system is the framework for arranging the relationships between people, businesses, and the government to make decisions about fundamental economic issues. Distinguish between the capitalist and socialist economic systems on: i. Government intervention. 11. iii. TI Ownership of resources. Presence of competition.

b. The economic system is the framework for arranging the relationships between people, businesses, and the government to make decisions about fundamental economic issues. Distinguish between the capitalist and socialist economic systems on: i. Government intervention. 11. iii. TI Ownership of resources. Presence of competition.

Brief Principles of Macroeconomics (MindTap Course List)

8th Edition

ISBN:9781337091985

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter2: Thinking Like An Economist

Section: Chapter Questions

Problem 5CQQ

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