I need assistance with the following questions. Please provide formulas on how to work them out so I have a better understanding of what to do. Also please explain in layman terms so I understand better.

1 . Explain the Law of Demand and identify three (3) non-price factors that influence demand.

2 . The following equations represent demand and supply conditions in a free market economy:

Qd = 2,000 - 15p;

Qs = 1,100 + 30p;

where Qd is quantity demanded; and Qs is quantity supplied; and P is price.

i.Calculate the equilibrium price and quantity.

ii. Calculate the quantity, if the price is $5 above the equilibrium price?

iii.Calculate the impact on the price, if there is a shortage of 300 units in the market?

3.Oligopoly is a market structure with a small number of firms.

Explain two (2) of the main characteristics of this type of market and briefly discuss the nature

of cartels, justifying why most economists consider them the worst form market forms.