Microeconomics Supply and Demand

Consider theinitial effectof each of the following events on the underlined market. You are expected to:

• Indicate whether there is a change or movement in the demand or supply curve.
• With the help of a diagram, demonstrate the initial diagram (before the changes) and the expected changes (in quantity demand, quantity supply and equilibrium point).
• Be sure to label the axis, curves, and equilibrium point.

Questions (Answer all the questions):

1. Sugar Market. The sugar price is forecasted to increase from $1.00 per pound to $1.50 per pound.
2. Hand Sanitizer. Hand sanitizers help to prevent households from COVID-19 infection.
3. Apple market. The wages of apple pickers increase due to government legislation.
4. Coffee Market. Due to the weather, tea production cost has increased, and the supplier decided to increase the tea price.
5. iPad 5 market. A new invention has decreased the cost of production.