1. Assume the market for heating oil is in equilibrium but then the price of natural gas drops dramatically. What is the impact on supply and/or demand for heating oil? What impact does this have on equilibrium price and equilibrium quantity?

2. Assume the market for e-cigarettes is in equilibrium but then a new tax on producers is implemented. What is the impact on supply and/or demand for e-cigarettes? What impact does this have on equilibrium price and equilibrium quantity?

3. Assume the market for oranges is in equilibrium but then a drought devastates much of the world's orange crop. Simultaneously, a research study is published that demonstrates the health benefits of drinking orange juice. What is the impact on supply and/or demand for oranges? What impact does this have on equilibrium price and equilibrium quantity?

4. Assume the US market for cell phones (a normal good) is in equilibrium but then a technological advance is discovered that lowers the cost of production. Simultaneously, the income of US residents increases. What is the impact on supply and/or demand for cell phones? What impact does this have on equilibrium price and equilibrium quantity?