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QUESTION 4. Part A. A1 What is the law of demand? A2 What is the law of supply? Part B. According to Lindsay Campbell, author of an article titled, \"The Great Cheese Emergency\" from the online resource, Modern Farmer, \"mountains of specialty cheese have been piling up in warehouses in recent months ...\" These are nmaril small-scale roducers. B1. What is the market structure for specialty cheeses? (It is not perfect competition, nor is it monopoly.) What are your reasons for your choice? B2. Draw the market for specialty cheeses according to your answer for Part (B1). Explain the elasticity of demand for specialty cheeses. Incorporate in your market drawing. B3. Explain the effects of restaurants closing their doors and other traditional markets no longer purchasing specialty cheeses ON THE MARKET FOR SPECIALTY CHEESES. What is the determinant in play? This is 1 CHANGE in the market. B4. According to the article, some sellers have refocused their production. \"Instead of selling six main products of cheese .. . (they have) focused production to three popular options at smaller retail sizes. Making use of their ecommerce story .. . put together tasting kits available for purchase online, which has resulted in a good boost.\" Yet, in May sales dropped 40% Which is less than the 65% loss in April. Explain Why you think this plan will or will not offset the changes from PART C. B5. It is probable that the specialty cheese industry saw a loss of a number of smaller producers due to short run losses. Fewer customers purchasing their product. What is the impact ON THE MKT FOR SPECIALTY CI-IEESES? What is the determinant at work here? This is a 2"d CHANGE. B6. There are two shifts at play in this market. On the rst graph you drew (Part A), draw the changes using dashed lines or different colours. Be sure to label the new curves as D1 and 51. B7. What happens to price and output given the two changes (C) and (E)? QUESTION 5. Boston Brands produces 750 milliliter bottles of Fireball Cinnamon Whiskey at the Lewiston plant. The parent company is Sazerac Company (who bought former White Rock Distilleries from Bean Inc. in 2013). "... Boston Brands announced its $1 million expansion here in Lewiston creating 30 new jobs in addition to the 130 Maine people they already had employed ... Plant manager Andy Muschinski said the new investment will increase the Saratoga Street plant's capacity by 20% replacing an older production line with a more efficient one. It will also mean 50 new hires, some as soon as possible. ... (The plant) runs 24 hours a day, five days a week - with some weekends - to meet demand..." (adapted from a Sun Journal report) Part A. Explain whether this change by Boston Brands is a long run or short run change. Part B. How does specialization and division of labour effect the basic economic problem? Now, more recently: Lewiston manufacturer of Fireball Whisky to make hand sanitizer https://www.sunjournal.com/2020/03/28/lewiston-manufacturer-of-fireball-whisky-to-make-hand-sanitizer/ BY STAFF REPORT LEWISTON -" Sazerac Co., the owner of the Lewiston factory that manufactures Fireball Cinnamon Whisky, announced in a news statement Friday its 10 plants nationwide would begin making hand sanitizer to help with the coronavirus pandemic. Sazerac owns Boston Brands of Maine in Lewiston, responsible for making Fireball Cinnamon Whisky, Maine's top selling liquor in 2019. According to the statement, Sazerac will donate its product to health care, government, military, retail, distribution, airline, pharmacy, and banking industries. "We have seen the great need for hand sanitizer from industries across the board - many of these organizations are desperate, as supplies have dwindled," said Matt Maimone, Sazerac's chief operating officer. "We are adding production capacity to cope with the massive industrial demand." Maimone said Sazerac has already received requests for more than 5 million bottles of hand sanitizer. While nine of Sazerac's plants, including Boston Brands of Maine, have yet to begin making the sanitizer, one of its plants - Buffalo Trace Distillery in Franklin County, Kentucky, began on Friday. Every economic system faces the "basic economic problem" and struggles on how best to respond. We've discussed the mobilization of economic resources, the allocation of economic resources and the distribution of good and services. Explain the plant's decision to change production in terms of mobilization (or remobilization) of resources and allocation of economic resources. Incorporate Robert Heilbroner's definitions of these two term nswer. Explain the o rtunity costs involved in their decisio