Exam 1B :Demand and Supply problems. Each part of a question is 5 points unless otherwise stated. Total possible is 50 points. Question 1 For each of these situations for part a, b, c, answer what happens to the list below. (increase, decrease, no change) with all other things constant. In addition draw the necessary Demand and Supply graph and show the shifts. Label all points on the graphs clearly. State for each market below what happens to: demand, supply, equilibrium price, equilibrium quantity, Quantity Demanded, Quantity Supplied How will a decrease in supply of Coffee affect the market for Coffee and Tea market? Assume substitute products. You need to show two markets, with two sets of the list. How will an increase in cost of plastic used in making toys affect the market for toys? How will the increase in the future price of silver affect the current market for silver