4) Demand: for each of the three situations below explain:i)If there will be an increase or a decrease in demand; any assumptions relating to the scenarioli) The reasons for the change in demand (i.e. What factor has caused the change?)in) State how the change in demand may impact the price of the good / service.a) The demand for electricity during a very hot and humid week in July.b) The demand for rice if the price of potatoes has dropped significantlyc) The demand for new cars if Canada's economy is going into a recession5.) Supply: for each of the three situations below explain:i) If there will be an increase or a decrease in supply; any assumptions relating to the scenarioii) The reasons for the change in supply (i.e. What factor has caused the change?)ili) State how the change in supply may impact the price of the good / service.a)The supply of gas if there is a prolonged war in the middle east.b) The supply of bagels at Tim Horton's or Country Style, if the price charged to consumers isincreased by 50 cents.c) The supplies of DVD players as consumers switch to using digital devices to record and play videos.

Application 4) Demand: for each of the three situations below explain: i) If there will be an increase or a decrease in demand; any assumptions relating to the scenario ii) The reasons for the change in demand (i.e. what factor has caused the change?) iii) State how the change in demand may impact the price of the good / service. a) The demand for electricity during a very hot and humid week in July. b) The demand for rice if the price of potatoes has dropped significantly c) The demand for new cars if Canada's economy is going into a recession SUPPLY AND DEMAND 5) Supply: for each of the three situations below explain: i) If there will be an increase or a decrease in supply; any assumptions relating to the scenario ii) The reasons for the change in supply (i.e. what factor has caused the change?) iii) State how the change in supply may impact the price of the good / service. a) The supply of gas if there is a prolonged war in the middle east