Price 70 60 50 10 5 10 15 20 25 30 35 40 45 Quantity a) Refer to the figure above. Suppose all the sellers in this market started out charging a price of $50 perunit. What is the most likely result? b) Refer to the figure above. Now suppose that the government imposes a price ceiling of $40. What will happen to equilibrium price? c) "As the price of personal computers continues to fall, demand increases."' This sentence is inaccurate. Explain why?a) Demand for coffee last Monday is shown in bold [labeled D(Monday)]. Market for Coffee Price DYB) Dry Defendad Quantity Refer to the figure above. On Tuesday the news featured a story that a storm wiped out the entire coffee crop in Brazil. On Wednesday, what will happen to the demand curve of coffee? Would it shift to the left D(4) or to the right D(B)? Explain why? Assuming consumers eat either rice or pasta for dinner every night. If the price of rice increases, what will happen in the pasta market. Show the new equilibrium price and quantity b) What will happen to the demand curve for inferior good if the income of consumers decreased? Indicate the direction of new equilibrium price and quantity