Hi, would like someone to provide step-by-step workings and answer so that I can cross-check with mine! Thank you.

Question 1 (a) Consider an economy where many farmers rear pigs to earn a living. Recently there is an outbreak of pig virus and consumers are concerned about consuming pork. As such the sales of pork in the economy decreases sharply, resulting in a severe drop in the income for pig farmers. The government would like to take action to increase the consumption of pork to help the pig farmers and it is contemplating two options. One is to provide a subsidy to pig farmer and the other is to try to influence consumer tastes through an advertising campaign to highlight that pork is safe to consume. Assume that both options result in the same magnitude of shift in the demand or supply curve, respectively. You are also given the information that the demand for pork is relatively price inelastic and the supply of pork is relatively price elastic. Examine the outcomes under the two options and explain which option is more effective in increasing the consumption of pork. Demonstrate your answers with a relevant pork market diagram. If you need to draw a diagram or figure (and cannot do so in MS Word), take a picture of the image you have drawn and insert it in your answer. You are reminded that your overall file size of your submission of this TOA should not exceed 500MB. For a table, you are advised to copy the table given in the question or draw it in MS Word. For an equation, you are advised to write the equation in MS Word. (15 marks) ( b ) Consider an individual with an income of $24 to spend on three goods, A, B and C with prices $2, $3 and $1, respectively. The marginal utility of the first five units of the three goods are shown in the table below. Unit of A MU of A | Unit of B MU of B Unit of C MU of C 1 50 1 75 1 25 40 60 2 20 30 3 40 15 20 30 4 10 15 5 20 5 7.5 List all the possible combinations using the rational spending rule and explain how to obtain his optimal consumption combination of the three goods. If you need to draw a diagram or figure (and cannot do so in MS Word), take a picture of the image you have drawn and insert it in your answer. You are reminded that your overall file size of your submission of this TOA should not exceed 500MB. For a table, you are advised to copy the table given in the question or draw it in MS Word. For an equation, you are advised to write the equation in MS Word. (10 marks)