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Questions and Answers
What is a shift of the demand curve primarily caused by?
What is a shift of the demand curve primarily caused by?
How is the demand function mathematically expressed?
How is the demand function mathematically expressed?
If the price of sweet potatoes is Php 27.00, what is the quantity demanded according to the market demand schedule?
If the price of sweet potatoes is Php 27.00, what is the quantity demanded according to the market demand schedule?
What is the relationship between price and quantity demanded shown in a demand schedule?
What is the relationship between price and quantity demanded shown in a demand schedule?
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Which of the following factors does NOT lead to a change in demand?
Which of the following factors does NOT lead to a change in demand?
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What does the market demand curve visually represent?
What does the market demand curve visually represent?
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When demand increases due to a factor other than price, what happens to the demand curve?
When demand increases due to a factor other than price, what happens to the demand curve?
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What quantity would be demanded if the price of sweet potatoes is set at Php 21.00?
What quantity would be demanded if the price of sweet potatoes is set at Php 21.00?
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What happens to the quantity supplied when the price of a good increases?
What happens to the quantity supplied when the price of a good increases?
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What is represented in the equation Qs = -126 + 6P?
What is represented in the equation Qs = -126 + 6P?
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What could cause a leftward shift in the supply curve?
What could cause a leftward shift in the supply curve?
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Which of the following is NOT a non-price determinant of supply?
Which of the following is NOT a non-price determinant of supply?
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How is equilibrium defined in a market?
How is equilibrium defined in a market?
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What effect does an increase in the number of sellers typically have on supply?
What effect does an increase in the number of sellers typically have on supply?
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Which of the following statements about the supply schedule is true?
Which of the following statements about the supply schedule is true?
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What will occur if there is a calamity affecting production?
What will occur if there is a calamity affecting production?
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What was the unemployment rate in June 2024?
What was the unemployment rate in June 2024?
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What percentage of Overseas Filipino Workers (OFWs) worked abroad with an existing work contract during the period of April to September 2019?
What percentage of Overseas Filipino Workers (OFWs) worked abroad with an existing work contract during the period of April to September 2019?
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Which age group comprised the largest proportion of Overseas Filipino Workers?
Which age group comprised the largest proportion of Overseas Filipino Workers?
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What was the employment rate in June 2024?
What was the employment rate in June 2024?
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What is the total estimated number of Overseas Filipino Workers (OFWs) as of June 4, 2020?
What is the total estimated number of Overseas Filipino Workers (OFWs) as of June 4, 2020?
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Which percentage of female OFWs were reported to be in the age group 25 to 34 years?
Which percentage of female OFWs were reported to be in the age group 25 to 34 years?
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What was the labor force participation rate in 2023?
What was the labor force participation rate in 2023?
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What proportion of OFWs belonged to elementary occupations?
What proportion of OFWs belonged to elementary occupations?
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What percentage of OFWs are plant and machine operators and assemblers?
What percentage of OFWs are plant and machine operators and assemblers?
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Which of the following currencies has the highest conversion rate against the Philippine Peso?
Which of the following currencies has the highest conversion rate against the Philippine Peso?
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Which statement best defines 'savings'?
Which statement best defines 'savings'?
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As of July 16, 2023, what is the new minimum wage for non-agriculture workers in the National Capital Region?
As of July 16, 2023, what is the new minimum wage for non-agriculture workers in the National Capital Region?
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What role do taxes play in relation to government?
What role do taxes play in relation to government?
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What characterizes an investment?
What characterizes an investment?
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Which cities are included in the coverage for minimum wage in the National Capital Region?
Which cities are included in the coverage for minimum wage in the National Capital Region?
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What is defined as rent in economic terms?
What is defined as rent in economic terms?
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What is the equilibrium price for fresh eggs according to the demand and supply equations?
What is the equilibrium price for fresh eggs according to the demand and supply equations?
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How many pieces of fresh eggs are demanded when the price is 10 Php?
How many pieces of fresh eggs are demanded when the price is 10 Php?
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Based on the market demand schedule, what happens to the quantity demanded as the price increases from 5 Php to 15 Php?
Based on the market demand schedule, what happens to the quantity demanded as the price increases from 5 Php to 15 Php?
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What is the quantity supplied at a price of 11 Php for fresh eggs?
What is the quantity supplied at a price of 11 Php for fresh eggs?
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How does the population of households owning houses affect the housing market?
How does the population of households owning houses affect the housing market?
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What is the equation representing the demand for cheddar cheese?
What is the equation representing the demand for cheddar cheese?
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At what price do the demand and supply for cheddar cheese equal a quantity of 70?
At what price do the demand and supply for cheddar cheese equal a quantity of 70?
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What is the quantity demanded when the price is 155 Php for cheddar cheese?
What is the quantity demanded when the price is 155 Php for cheddar cheese?
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What is the impact of a higher percentage of households owning houses on the rental market?
What is the impact of a higher percentage of households owning houses on the rental market?
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According to the market supply curve for fresh milk, what is the equation that describes the supply?
According to the market supply curve for fresh milk, what is the equation that describes the supply?
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Study Notes
Non-Price Determinants of Demand
- Demand for a product can be influenced by factors other than price, causing a shift in the demand curve.
- These determinants include:
- Income
- Taste
- Expectations of future price and income
- Prices of related goods
- Population
Demand Schedule
- A table displaying the inverse relationship between the price (P) and quantity demanded (Q or Qd) of a product.
Demand Function
- A mathematical expression representing the relationship between quantity demanded (Qd) and price (P).
Market Demand Curve
- A graphical representation of the relationship between price (P) and quantity demanded (Q or Qd), showcasing the inverse relationship.
Change in Quantity Demanded
- Occurs when the demand for a commodity changes due to a change in its price.
- Represents a movement along the demand curve.
Change in Demand
- Occurs when the demand for a commodity changes due to factors other than price.
- Leads to a shift in the demand curve, either to the left (decrease) or right (increase).
Supply
- Refers to the quantity of goods a seller is willing to offer for sale.
The Law of Supply
- The quantity supplied of a product increases as its price increases.
- This is because sellers are motivated by higher prices to offer more goods for sale, increasing their potential income.
Non-Price Determinants of Supply
- Factors other than price can affect the entire supply of a product, causing a shift in the supply curve.
- These determinants include:
- Cost of production
- Technology
- Availability of raw materials and resources
Supply Function
- A mathematical expression representing the relationship between quantity supplied (Qs) and price (P).
Supply Schedule
- A table showing the direct relationship between price and quantity supplied.
Market Supply Curve
- A graphical representation of the relationship between price (P) and quantity supplied (Qs), showcasing the direct relationship.
Shifts in the Supply Curve
- Factors that can lead to a shift in the supply curve, including:
- Use of technology
- Subsidy on producer expenditures
- Increase in the number of sellers
- Increase in the price of related products
- Calamities
- Decrease in the number of sellers
- Lack of subsidy
- Lack of technology
- Low prices of commodities
Equilibrium
- A state of balance where demand equals supply.
- This means that the quantity sellers are willing to sell is also the quantity buyers are willing to buy at a specific price.
- Represents an implicit agreement between buyers and sellers on the quantity and price of transactions.
- Equilibrium price is the price at which demand and supply are equal.
Saving
- The process of setting aside a portion of current income for future use.
Investment
- Involves building up the capital stock to support future production and consumption.
Rent
- Payment for the use of land or buildings owned by others.
- It's the positive difference between the actual payment made for a factor of production (land, labor, capital) and its owner's cost.
Tax
- The lifeblood of the government.
Philippines Population
- Philippines population as of September 2024 is estimated at 116,010,975.
- Number 14 in the list of countries by population.
Total Number of OFWs
- Estimated at 2.2 million in 2019.
Philippine Peso and Foreign Currencies
- Currency exchange rates as of Sep. 15, 2023:
- Dollar: 56.841
- Yen: 0.384
- Euro: 60.572
- Riyal: 15.615
Employment Rate in June 2024
- Labor force: 64.4%
- Employment Rate: 96.1%
- Unemployment Rate: 3.9%
Minimum Wage Rates
- National Capital Region (NCR):
- Non-Agriculture: ₱610.00
- Agriculture, Retail/Service Establishments (15 workers or less), Manufacturing Establishments (less than 10 workers): ₱573.00
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Description
Explore the key concepts behind non-price determinants of demand. This quiz covers factors like income, tastes, and related goods that shift the demand curve. Test your understanding of demand schedules, demand functions, and the market demand curve.
