8. The following are changes that occur in different markets.

Explain what will happen to either demand or supply and to the equilibrium price and quantity traded.

a) an increase in income on the market for an inferior product

b) a decrease in the price of steel on the automobile industry

c) a government subsidy given to operators of day-care centres

d) a government subsidy given to parents who want their children to attend day-care centres

e) a medical report suggesting that wine is very fattening

f) a big decrease in the amount of Middle East oil exports on the refined-oil market g) an increase in the popularity of antique furniture h) an increase in the price of coffee on the tea market