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Q3: Demand 8: Supply Shift in the Same Direction: Consider the market for Good X. Two concurrent events have unfolded: (i) there is a reduction in the income of consumers, and (ii) there is a reduction in the wage rates that producers of Good X pay. Good X is an inferior good. Use the two tables below to analyze the effects on equilibrium price and quantity in Market X of the above two concurrent changes under each of the two scenarios indicated below: Scenario 1: The shift In demand is greater In magnitude than the shift In supply. (Hint: Decide the direction of each shift. Then, decide the impact of each shift on price and on quantity. Make the arrow signs larger/thicker for the demand impacts.) Scenario 2: The shift In supply ls greater in magnitude than the shift in demand. (Hint: Decide the direction of each shift. Then, decide the impact of each shift on price and on quantity. Make the arrow signs largerlthicker for the supplyI impacts.) Conclusion: With demand and supply shifting in the same direction, the effect on the equilibrium quantity ( can be , cannot be 1 determined a pnbri, while the effect on the equilibrium price ( can be , cannot be ) determined a priori. (Denition: opriori = derived by reasoning from self-evident propositions) Q4: Demand 8: Supply Shift in the Opposite Directions: We are concerned about the market for chicken. As a sugar supplement, suppose chicken farmers feed a lot of gummy bears to their chickens. Given their similarity in textures, suppose consumers regard chicken and turkey as substitutes. Suppose two events have unfolded: (i) there is an increase in the price of gummy bears (because Martians are buying more gummy bears now), and (ii) there is an increase in the price of turkey (because Russians are buying more turkey now). Use the two tables below to analyze the effects on equilibrium price and quantity in the chicken market of the above two concurrent changes under each of the two scenarios indicated: Scenario 1: The shift in demand is greater in magnitude than the shift in supply. (Hint: Decide the direction of each shift. Then, decide the impact of each shift on price and on quantity. Make the a rrow signs larger/thicker for the demand impacts.) Scenario 2: The shift in supply is greater in magnitude than the shift in demand. (Hint: Decide the direction of each shift. Then, decide the impact of each shift on price and on quantity. Make the a rrow signs larger/thicker for the supply impacts.) Conclusion: With demand and supply shifting in the opposite directions, the effect on the equilibrium quantity ( can be , cannot be ) determined aprfon', while the effect on the equilibrium price ( can be , cannot be ) determined a priori. (Denition: 0 prioni = derived by reasoning from self-evident propositions) (15: Consider the market for potatoes. Suppose there is an increase in the price of pasta, a substitute for potatoes. Also, suppose potatoes farmers have just experienced a poor growing season due to extreme weather conditions. (i) Given the abovementioned shocks, what will happen to the demand for potatoes? (ii) (iii) (M (A) The demand will increase (i.e., shift right/up). (B) The demand will decrease (i.e., shift left/down). (C) The demand will stay the same. Answer: Given the abovementioned shocks, what will happen to the supply of potatoes? (A) The supply will increase (i.e., shift right/down). (B) The supply will decrease (i.e., shift left/up). (C) The supply will stay the same. Answer: Use the Box Method to ll in the blanks in the two scenario tables below. (You will draw 8 arrow signs in each of the two tables below. Given the scenario, some arrow signs will be larger/thicker and others will be smaller/thinner.) (Hint #1: For each scenario, draw a specic arrow sign on top of the word "demand\" and a specic arrow sign on top of the word "supply\