please answer answer all of them. thank you

Questions Q1 [20 points] In each case below, draw a diagram, and show and identify the effect on the demand curve i.e., how the curve shifts for steak (a normal good) with a sentence. Explain why the demand curve shifts. Draw demand curves for each case to explain your answer. a. An increase in the price of lamb b. A decrease in the population c. An increase in consumer income d. A decrease in the price of steak sauce e. An increase in advertising by chicken producers Q2 [20 points) In each case below, draw a diagram, and show and identify the effect on the supply curve (i.e., how the curve shifts) for coal with a sentence and explain why the supply curve shifts. Draw supply curves for each case to explain your answer. a. The development of a new, lower cost mining technique. b. An increase in wages paid to coal miners. c. The imposition of a $2 per ton tax on coal. d. A government ban on all imports of coal. e. A new government regulation requiring air purifiers in all work areas. Q3 [110 points] Suppose that an estimated monthly demand and supply functions for apples in the U.S. are given by: O = 200 - 40 p + 20 p +0.015Y = 85 + 35 p - 20 where is the quantity of apples demanded in tons per month; p is the price of apples in US dollars per kilogram; p, is the price of quince (a substitute good) in dollars per kilogram; Y is the income of consumers per month in thousand dollar, is the quantity of apples supplied in tons per year, p, is the price of fertilizer (an input) in dollars. And suppose further that P, is 82 per kilogram; Y is 4000 per month; p, is $0.50 per kilogram. Answer the following questions. a) Draw the demand curve for apples. You should be very precise and accurate in your drawing, especially when showing the price and quantity intercept values on the diagram. b) Calculate the responsiveness of a change in the quantities demanded to a unit change in the price (i.e., show how the quantities demanded would change if the price changes by a unit). Explain your answer. c) Write the inverse demand function and calculate the slope of the demand curve. What does it tell us regarding the relationship between the price of apple and the quantities demanded. Explain your result. d) How would the demand curve shift if per capita income increases from $4000 to $6000 per month. Show the change on a new diagram. e) Draw the supply curve for apples. You should be very precise and accurate in your draw- ing, especially when showing the price and quantity intercept values on the diagram. f) Calculate the responsiveness of a change in the quantities supplied to a unit change in the price (i.e., show how the quantities supplied would change if the price changes by a unit). Explain your answer. g) Calculate the slope of the supply curve. What does it tell us regarding the relationship between the price of apple and the quantities demanded. Explain your result. h) How would the supply curve shift if the price of fertilizer (p)rises from 80.5 to $1 per kilogram. Show the change on a new diagram. i) Show the market equilibrium for apples on a diagram. 4 A2.nb P, = $2 per kilogram; Y = $4000; P, = $0.50 per kilogram per month What is the equilibrium quantity? What is the equilibrium price? What is the total revenue created in the apple market? j) Calculate the amount of surplus/shortage at a price of $2 per kilogram. P, = $2 per kilogram: Y = $4000; p, = $0.50 per kilogram per month Explain how market forces will tend to make price and quantity move toward the equilib- rium point. k) Calculate the amount of surplus/shortage at a price of $4 per kilogram. P, = $2 per kilogram; Y = $4000; p; = $0.50 per kilogram per month Explain how market forces will tend to make price and quantity move toward the equilib- rium point