Answer each of the questions on your paper and/or in a computer file. To receive credit, you must show all work.

1. Use supply and demand analysis to evaluate each of the situations below. Illustrate each market graphically. Indicate the factor affecting demand or supply that is involved. Be sure to state what happens to the equilibrium price and quantity.

a. China's population shrank in 2022 for the first time since the 1960s. If that trend continues, how will that affect the market for cars in China?

b. Suppose real estate developers can build either housing or office buildings on land they own. How will a decrease in housing prices affect the market for office buildings?

c. Many restaurants went out of business during the pandemic. Suppose that restaurant customers think the price of restaurant meals will be higher next year. How will these two events affect the market for restaurant meals now?

PLEASE ILLUSTRATE GRAPHICALLY HANDWRITTEN OR IN EXCEL