Scribd
Upload
88 views

08 Quiz 13-1-1

The document appears to be a test or quiz asking the student to construct graphs based on a scenario about fishermen. [1] The scenario describes a group of fishermen, including Mang Ramon, who were able to catch more fish one day and decided to sell their increased catch in the market. [2] The student is asked to show how this would shift the demand and supply graph and how it would impact the price and profits of Mang Ramon and the other fishermen. [3] The student's answer correctly indicates that the supply curve would shift right, reflecting the increased catch, which would cause the price and profits to decrease despite no change in costs.

Uploaded by

jerome orceo
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
88 views

08 Quiz 13-1-1

The document appears to be a test or quiz asking the student to construct graphs based on a scenario about fishermen. [1] The scenario describes a group of fishermen, including Mang Ramon, who were able to catch more fish one day and decided to sell their increased catch in the market. [2] The student is asked to show how this would shift the demand and supply graph and how it would impact the price and profits of Mang Ramon and the other fishermen. [3] The student's answer correctly indicates that the supply curve would shift right, reflecting the increased catch, which would cause the price and profits to decrease despite no change in costs.

Uploaded by

jerome orceo
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
You are on page 1/ 2

BM1704

Name: Date:
Section: Score:

I. GRAPH CONSTRUCTION (10 items x 2 points)


Construct the graphs that will correspond to the change in the market.

1. Mang Ramon is a fisherman who sells his catch in the town of Santa Clara. There are other
fishermen like him, who catch mostly the same fish and price their products the same. One (1)
day, they are able to catch more fish, which they all decide to sell in the market. Assuming that
there are no changes in the costs, and the graph below are from before the new fisherman entered
the market, show the shifts in:
 Demand and supply graph (10 points) (How will demand and/or supply shift?)
 Price and profits of Mang Ramon and the other fishermen (10 points) (Will the price and
profits of the others increase/decrease?)

P P
S MC

AC

Q Q
ANSWER:

According to the statement above, the fisherman will be permitted to fish on the other day. to capture more fish, and
they decide to sell on the market for the same price previously, hence this graph must indicate a rise in supply. And
the supply increased even if the price did not change. As a result, the price and income of Mang Ramon and the other
fishermen should be reduced

P
P
S
S2

AC

Profit
D

Q
Q

08 Quiz 1 *Property of STI


Page 1 of 1

You might also like