Answer the following questions Q1. Suppose that there is an announcement that chocolate causes cancer. What would happen to equilibrium price and quantity in the market for Godiva chocolate? Be able to draw the graph that illustrates your answer. Q2. Suppose that the price of Hershey's chocolate deccreases. What would happen to equilibrium price and quantity in the market for Godiva chocolate? Be able to draw the graph that illustrates your answer. Q3. Suppose that the price of sugar increases. What would happen to equilibrium price and quantity in the market for Godiva chocolate? Be able to draw the graph that illustrates your answer. Q4. Suppose that a company invents a better machine for mixing the ingredients to make chocolate candies. What would happen to equilibrium price and quantity in the market for Godiva chocolate? Be able to draw the graph that illustrates your answer. Q5. If the price of smart phone decreases from 2800 Riyal to 2600 Riyal as a result the quantity demanded for mobile increases from 70 devices to 80 devices. Calculate the price elasticity of demand for smart phones. Exercise: 1 Date: 29-10-2020 Explain the concept of Ijarah financing in your own words. Explain the process and conditions of Ijarah financing in any Saudi Bank. For example you need an asset such as car or house and you do not have money to buy it. You visit a bank e.g., Bank Riyadh, Alrajhi etc and request for financing the asset under Ijarah. Explain the terms and conditions and processes needed to be followed to get the money or asset. Which bank will suit you the most and why