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QUESTION 1 ( 2 0 Marks ) A . A major fashion brand has announced the closure of several manufacturing facilities overseas. Evaluate how this

QUESTION 1(20 Marks)
A. A major fashion brand has announced the closure of several manufacturing facilities overseas. Evaluate how this reduction in production capacity affects the market equilibrium for their products, particularly in terms of product availability and pricing in retail stores. (10 Marks)
B. The city of Riverdale has experienced a sudden influx of tourists due to a popular TV series being filmed there. Analyze how this increase in tourism has affected the demand and supply equilibrium in Riverdales local hotel industry, particularly focusing on changes in room rates and availability.

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