I need help with Problem 1-4
Problem 1: Explain how each of the following changes the demand for or supply of beef burgers? 1) Meat process plant closures. 2) There is a state-mandated increase in minimum wage. 3) The price of veggie burgers falls. oAverage income decreases. Problem 2: How does warmer weather in the summer impact the demand for ice cream? Illustrate your answer on a graph with price on the vertical axis and quantity demanded on the horizontal axis. Problem 3: What is the effect on the equilibrium price and quantity of spinach if... 1) There is a media report that leafy greens which are high in Vitamin C boost your immune system? 2) There is a shortage of farm labor? Problem 4: Due to the pandemic and resulting stay-athome orders, more people have been using their free time to bake. This has caused an increase in the demand for our. Also can read more about the current market for our here: httpsm'www.marketplace.org12020!04l1Slflour-yeastsales-rise-peogle-bakebread-guarantinei A. Assume the demand for all-purpose flour in the U.S. is: QAD = 162 - 10p - 5ps + 8pb + 0.05Y, where Q is pounds of flour per month, p is the dollar price per pound, ps is the price of sugar, pb is the price of bread our and Y is average income in thousands of dollars. i. What is the demand function if ps = $0.61 ,pb= $1.40 and Y = $2.5? Graph the demand curve with price on the vertical axis and quantity demanded on the horizontal axis. ii. If the price of sugar increases to $0.75, does demand for all-purpose our increase or decrease? By how much? iii. If income decreases by $500fmonth, what happens to the demand for all-purpose flour? B. Due to the pandemic, the demand function for allpurpose our has shifted. It is now: QI: = 220 - 10p - 5ps +8pb + 0.05Y. Using the same values above, what is the demand function now? Using the same graph above, plot the new demand curve with price on the vertical axis and quantity demanded on the horizontal axis. C. Assume the supply for all-purpose our is: 9'5 = 75 + 35p - 4pb. Q is pounds of our per month, p is the dollar price per pound and pb is the price of bread our. i. What happens to the quantity supplied if the price of bread our goes up by $1llb? ii. If the price of bread our is $1.40, what is the supply function? Add the supply curve to the graph created in parts A & B above. D. What is the equilibrium price and quantity before and during the pandemic