Assignment #4 Please submit your work by midnight on Sunday, October 22, 2023 Either type the answers out or write iegibiy by hand. Show all ofyour work. Answer all parts to oil questions!r Please submit either a pd jpeg, or word document {so scan, photograph, or type your work). 1) Answer the following questions related to the market demand curve and the market supply curve for Honda Odyssey minivans. a. State the Law of Demand and list the determinants of market demand. b. State the Law of Supply and list the determinants of market supply. c. Illustrate graphically what you would expect to happen to the demand curve if tax breaks raised consumers' incomes and new tariffs on steel raised the price of steel (steel is required to produce the minivans). How would you expect equilibrium price and quantity to change? Explain 2) The tables below show the demand curves for the three consumers in a market (01, DZ, and D3) and the supply curves for the three producers in the market (51, $2, and 53). First, solve for the market demand curve and the market supply curve by finding the market demand and supply at the prices of $10, $15, $20, and 525. Then find the equilibrium price and quantity in the market. 3) Given the products below and the events that affect them, indicate what happens to demand, supply, equilibrium quantity, and equilibrium price in a competitive market. Identify the determinant of demand and supply that causes the shifts and illustrate the changes graphically. (Note: there are two changes happening simultaneously in each market!) (a) Gasoline. People drive their cars less because they increasingly use public transportation and telecommute to work; the cost of a barrel of oil rises because ofattacks on Saudi oil fields. (b) Organic foods. People become more concerned about chemical additives in food; traditional farms are switching to more organic methods and getting certified as organic. (c) Film cameras. The price of digital cameras falls for consumers; there is a decline in the number of stores selling film cameras. (d) Bread. Many consumers adopt a low carbohydrate diet and avoid bread products; the price of flour falls for bread producers. 4) The hottest, new boy band, ZHotZHandle, has just begun their U.S. tour. The supply and demand schedules for the local 2Hot2Handle show is below, with the arena capacity fixed at 2,000 seats. Quantity Quantity demanded Price supplied (tickets) (tickets) 1000 $60.00 2000 2000 50.00 2000 3000 40.00 2000 4000 30.00 2000 5000 20.00 2000 6000 10.00 2000 Answer the following questions. {a} Riding on their enormous popularity, 2Hot2Handle decides to set the price of tickets of all tickets at $50. Is the market for tickets at equilibrium? If not, calculate the size of the shortagefsurplus. (b) Hoping to gain publicity by creating long lines for tickets, 2Hot2Handle decides to lower ticket prices to $30. Is the market for tickets at equilibrium? If not, calculate the size of the shortage/surplus. {cl Will a price of $30 be an efficient outcome? If not, what would be