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1. Explain how each of the following events changes the demand for or supply of air travel. . Airfares tumble, while long-distance bus fares don't change. The price of jet fuel rises. . The price of train travel falls. . The price of a pound of air cargo increases. Airlines reduce the number of flights each day. . People expect airfares to increase next summer. Use the laws of demand and supply to explain whether the statements in Problems 2 and 3 are true or false. 2. The United States does not allow oranges from Brazil (the world's largest producer of oranges) to enter the United States. If Brazilian oranges were sold in the United States, oranges and orange juice would be cheaper. 3. If the price of frozen yogurt falls, the quantity of ice cream consumed will decrease and the price of ice cream will rise. Answer the following review questions- 1. What is the difference between law of demand and law of supply? Explain by giving an example 2. In your opinion, which la represents state of consumer more? Demand law or supply law? Give reason for your answer 3. Take example of Tim Horton's new menu addition- Granola Muffin. How it differentiates with law of demand and law of supply. What can a supplier can do to increase his demand and why consumer wants to change his demand for this good