PLEASE FIND THE ATATTCHMENT

Identify each of the following statements as TRUE or FALSE, explain why and correct the false statements: An advertisement campaign is launched by a car company to launch a new car model. Quantities supplied of that model will increase. It has been announced that the price of phone calls will fall drastically; we should expect an increase in the quantity demanded of mobile phones. If the price elasticity of demand were -2.5 then a relative decrease of 10% in the price of the product will result in a relative decline of 10% in the quantities demanded. The price of oil is decreasing in the international oil markets. We should expect that the demand for cars will shi to the left. Explain. A rm is adopting a new technology in the production of its good. We should expect that demand for this good will shift to the right. A weather forecast announces that the low rain-fall in Australia is expected in the next wheat season. We should expect that the price of rice will fall. Explain