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SECTION B: SHORT ANSWER QUESTIONS (60 Marks) There are THREE (3) questions in this section. Answer ALL questions In the answer booklet Question 1 (a) Use supply and demand analysis to explain the effect of each of the following events on the equilibrium price and equilibrium quantity in producing soya milks. (1) An increase In the cost of labor used to produce soya milks. (4 marks) O Soy is found to be associated with lower cholesterol. (4 marks) (ill) An increase in the price of soya milks. (4 marks) (iv) An decrease in the price of sugar. (4 marks) (b) Explain the differences between change in demand and change in quantity demanded. (4 marks)