2. (a) Suppose you are concerned about the change in quantity demanded and change in demand for automobiles. If things like price of automobiles increase, income decrease, population increases, gasoline price decreases, preference decreases and expectation of future price increase, how would you explain these using appropriate curves? (b) Write down the function for quantity supplied of a good? What are the other factors (i.e., except for price) considered in your function? How does the change of these factors affect your supply? (c) Define equilibrium of demand and supply. Write out a correct analysis of the impact of the following changes on the equilibrium price and quantity? (i) Imposition of tax by the government and show who bears the burden of tax (ii) Change in technology (iii) Change in wage 2. (a) Suppose you are concerned about the change in quantity demanded and change in demand for automobiles. If things like price of automobiles increase, income decrease, population increases, gasoline price decreases, preference decreases and expectation of future price increase, how would you explain these using appropriate curves? (b) Write down the function for quantity supplied of a good? What are the other factors (i.e., except for price) considered in your function? How does the change of these factors affect your supply? (c) Define equilibrium of demand and supply. Write out a correct analysis of the impact of the following changes on the equilibrium price and quantity? (i) Imposition of tax by the government and show who bears the burden of tax (ii) Change in technology (iii) Change in wage