Knowledge and Understanding /12 Question 1: What happens in the identified market to either demand or supply when the following events take place? (Please do not over think this! - only one side will be impacted initially) ( /12) Market Event Demand Increase/Decreas Identify the or Supply e or No Change factor/reason that is Issue responsible for any change Corn Buyers expect corn prices to rise next month Ice The government decides to charge a Cream $0.25 ice cream tax to producers of ice cream Oil New electrical engines are developed that decrease gas consumption by 40% (Gas is refined from oil) Pears New research shows that eating an apple a day reduces colon cancer.Communication 8 Question 4: Read the short case and explain what would be change in this situation. Please draw the new supply or demand curve and explain the new equilibrium price. a) This past spring (2022) the inclement weather conditions in Ontario had devastating consequences for Apple farmers. The warm weather in March and then the frost in April left many of the apple orchards damaged. What would happen to the market for apples in Ontario? ( f4) b) Recently, many consumers are beginning to become more environmentally conscience and are buying more locally grown foods. How might this affect the Ontario apple market? ( f4)