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Principles of Microeconomics Assignment (1) QUESTION ONE Draw a demand and supply graph for one good and identify the initial equilibrium point, initial equilibrium quantity, and initial equilibrium price. 1. State one determinant (factor) would shift the demand curve (either to right or left). Describe what would happen to the equilibrium price and quantity, and show this on the graph. 2. State one determinant (factor) would shift the supply curve (either to right or left). Describe what would happen to the equilibrium price and quantity, and show this on the graph. QUESTION TWO Describe the differences between a command economy and a laissez-faire economy? (briefly talk about (1) the role played by government in deciding what and how things are produced and who gets what is produced, (2) the ownership of resources, and (3) freedom of enterprise and choices). Do you think these two economic systems exist in the world? Explain