Q1 Based on unofficial estimates by economists at the Malaysia Ministry of Agriculture and Food, the market demand curve

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Q1 Based On Unofficial Estimates By Economists At The Malaysia Ministry Of Agriculture And Food The Market Demand Curve 1 (138.79 KiB) Viewed 74 times

Q1 Based on unofficial estimates by economists at the Malaysia Ministry of Agriculture and Food, the market demand curve for paddy in the Malaysia market in early 2010s was roughly as following Table Q1(a): Table Q1(a): Malaysia Paddy Price and Demand in 2010s Farm price of paddy (RM per bushel) Quantity of paddy demanded (millions of bushels) 1.00 1,500 1.20 1,300 1.40 1,100 1.60 900 1.80 800 2.00 700 In the middle 2020s, the market demand and supply curves for paddy in Malaysia market were roughly as following Table Q1(b): Table Q1(b): Malaysia Paddy Price and Quantity demanded/Supplied in 2020s Farm price of paddy Quantity of paddy demanded Quantity of paddy supplied (RM per bushel) (millions of bushels) (millions of bushels) 3.00 1,850 1,600 3.50 1,750 1,750 4.00 1,650 1,900 5.00 1,500 2,200 (a) If the market demand curve in the middle 2010s had remainded as it was in the early 1990s, can you tell whether the farm price of paddy in the midlle 2020s would have been greater or less than RM2. Analyse the above statement based on the demand and supply theory. (10 marks)