ECWI 1111 Tutorial 4 Demand and Supply Question 1 Over the past 40 years, technological advances have reduced the cost of computer chips- How do you thinlr this has affected the market for computers? For computer software? For typewriters? Note: Committee chips are tryouts used in computer production. Question 1'. Consider the following events: Scientists reveal that eating apples decreases the risk of diabetes, and at the same time, farmers use a new fertilizer that makes apple trees produce more apples. Illustrate and explain what effect these changes have on the equilibrium price and quantity,r of apples- Question 3 Other things being equal, explain the e'ect each ofthe following situations will have on the equilibrium price and quantity of corn if (a) the price of peas, a substitute in consumption for corn, goes up {please use an appropriate diagram). (1')) the price of {nLise; used for corn rises (please use an appropria' te diagram}. (c) both events in (a) and (Er) happen simultaneously (please use an appropriate diagram]- Question 4 Referring to the Wall Street Journal mcle "DecadeHigh EmmiT Prices Drive Poverty and Unrest in A'ica " {l5 Feb 222}, critically identify the reasons for the soaring food prices- Adobe-Acrobat Document