1] Let us consider a scenario involving the market of jackets. Due to persistent economic growth in Country A, the income of the general people increase signicang. At the same time. few new suppliers of jackets enter the market in order to sell jackets. What will happen to the equilibrium price and equilibrium quantity of jackets on account of the aforementioned changes in people's income and the arrival of few new suppliers of jackets from the market? [Draw a diagram with proper labeling to graphically illustrate the changes in equilibrium price and equilibrium quantity of jackets. Also mention in few words about the change in equilibrium price and equilibrium quantity of jackets.) 2] japan and Vietnam can produce two goods. chairs and sofas. The following table shows the quantities of chairs and tables produced by japan and Vietnam in a day 5 marks i] What is the opportunity cost of producing chairs for Vietnam? ii] What is the opportunity cost of producing sofas for japan? _- Scanned with CamScanner