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\f2. (6 marks} Fnr eaeh nf the fnllnwing situations, what happens tn the bear market? Indicate whether the demand curve or the supply.r curve shifts. and in what direenn. Using diagrams, indicate what happens to equilibrium price and quantity. a. The drinking age is raised tn 25 years of age. h. The price of wine {a substitute) increases. e. The price of hops {an ingredient in beer prnduetinn) increases. \f4. {IS marks} Suppose the demand fcr hamburger is given as Q = 121] 4P What is the paint Elasticity Elf demand wh- the price is Sill}? What is the Arc elasticity cf demand when price changes D] $8 te $12? At what price is the demand for hamburger is unit elastic? 'i". {3 marks) Young Marty loves lollipops and hates oatmeal, but his preferences are strictly convex. To induce him to eat enough oanneal and to restrain him from eating too many lollipcps, his mom pays him $2 for every bowl ofoatrneal that he cats. The only way he can get lollipops is to buy them at the sweet shop, where lollipops cost $1 each. Besides what he earns from eating oatmeal, Marty gets an allowance cf$3 per week. a} Draw Marty's budget line with lollipops {good} on the yertical axis and oatmeal {had} on the horizontal axis. b) On a different graph draw some indifference curves reecting Marty's preference with lollipops {good} on the vertical axis and oatmeal (bad) on the horizontal axis. c] Combine the budget and ICs on one graph that would be consistent with Many choosing to consume 15 lollipops per week.