M uestion 1 Consider the following supply and demand schedules for bushels of com. Which of the statements below isfare correct'.Tr _ 5].] I I lied \"- 100 100 195 5 251] 9 {i} If an increase in the cost of labour changes supply by 65 bushels at each price, the new equilibrium price is R28 (ii) The equilibrium price in this market is R24 (iii) An increase in supply and a decrease in demand of corn will affect the price in an indeterminate way and decrease the quantity exchanged (iv) An increase in demand and a decrease in supply of corn 1will increase price and the effect on quantity exchanged will be indenninate Only (i) is correct Duly (ii) is correct Only (i) and (iii) are correct Dnly (ii) and (iii) are correct Duly (i) and (iv) are correct FEET10