Price Determination

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#demand #supply #determine #equilibrium #equilibriumprice #disequilibrium #disequilibriumprices #shortage #surplus #pricedetermination • OBJECTIVES: • • analyse how the interaction of demand and supply determine equilibrium price • • draw demand and supply diagrams to illustrate equilibrium and disequilibrium prices • • interpret demand and supply schedules and curves to identify shortages and surpluses • (NOTE: shortages arise when price is below equilibrium whereas surpluses arise when price is above equilibrium.) • You can follow using the following books: • Book 1: Complete Economics for Cambridge IGCSE O LEVEL- 3rd edition- Brian Titley-Sir Dan Moynihan-Unit 2.5 • Book 2: Cambridge IGCSE O LEVEL Economics by Susan Grant- Chapter 9

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