plz be concise and breif
c. Consumers start getting their news from the internet (market for newspapers) d. Real income in the US increases (the market for BMW's) e. University professors unionize and use their increased bargaining power to increase their salaries by 20% (for University enrollment) 4. Use the demand and supply framework to qualitatively analyze the market in each of the scenarios given in a) through f). How would the demand and/or supply curves shift? (Leftward/rightwardo shift) What are the effects on equilibrium price and quantity? (Increase/decrease/ambiguous) Complete the result in the following table format: Market Demand Supply Curve Equilibrium Equilibrium Curve Quantity Price a Black Tea b Fruit Smoothies C Microwave Meal d iPhone e Cars f Beef a. A recent study claims that the tapioca pearls in black tea are linked to increase risk for cancer, creating fear among consumers. b. In addition to the study report in a), you are also told that fruit smoothies are good alternatives to black tea. At the same time, you know that the extended summer has invigorated fruit harvests. c. Teaching assistants consider microwaveable meals an inferior good. This semester, they are greeted with bad news as the Department of Economics cuts their stipends by 15%. d. Banana Inc. introduces the latest incarnation of its smartphone, the iPhone. A flood of consumers rush to order this famous smartphone. At the same time; however, the production line of Banana Inc. is plagued by riots, cutting production in half. e. The economic slump and oil shocks have caused consumers to delay excessive spending particularly, the purchase of exotic supercars. Automobile firms correctly anticipate the economic crisis and cut down production of exotic models. f. Beef supplies are sharply reduced because of drought in the beef-raising states, and consumers turn to chicken as a substitute for beef. 5. Read the following scenarios and answer the questions given. a. Harrison hills is a small town with a population of approximately 100,000 people. At almost 80,000 people employed and no unemployment, the equilibrium wage rate is set at $10 per hour in the labor market. In an attempt to uplift the living standard of the labor throughout the country the state sets the minimum wage at $8 per hour. a. With the help of a graph explain in detail (economic analysis) how do you think this move by the government impacts the labor market? b. The people of Old City County had been complaining about the high prices of private education in their area and that it was not affordable for a lot of them. As a result, government imposed a price ceiling restricting private education institutions from collecting a fee of more than $5,000 per year
