Define demand. Explain the law of demand (be certain to explain three economic reasons for the law of demand). Explain the difference between a change in quantity demanded and a change in demand. Define supply. Explain the law of supply. Explain the difference between a change in quantity supplied and a change in supply. Assume P1 and Q1 represent the current equilibrium price and equilibrium quantity in the market for wheat. Explain how each of the following will affect demand or supply. Explain the ultimate impact on equilibrium price and equilibrium quantity in the wheat market. An increase in a preference for wheat A decrease in the number of buyers in the wheat market An increase in buyers' income assuming wheat is a normal good A decrease in the price of barley, a substitute for wheat An increase in the price the price of fertilizer, a necessary input to produce wheat A decrease in the number of wheat farmers An increase in taxes levied on wheat farmers An improvement in the technology utilized to plant and harvest wheat The U.S. government subsidizes producers in the solar energy industry. Using market analysis, explain the economic rationale behind subsidies in the solar energy industry. Analyze the market for two bedroom/one bath apartments graphed below. Prior to government intervention in the housing market, the equilibrium price for a two bedroom/one bath apartment in Philadelphia was $1000 per month. Assume the government imposes a rent control price ceiling of $800 per month. Answer the following questions: explain the intended outcome of the government set price ceiling b) explain the economic consequences of the government-set price ceiling c) are government-imposed rent control price ceilings a good idea Tuition collected by colleges is equivalent to revenue collected by businesses. Community colleges in Pennsylvania are considering raising tuition. Explain why these colleges must determine elasticity of demand for community college education prior to implementing any tuition increase