Question 1 a) Answer the following questions on Demand and Supply: i) Define what "money" is. (1 mark) ii) Describe how a decrease in consumers' income will affect the demand curve for an inferior good and how equilibrium price and quantity is likely to be affected. (2 marks) iii) Explain when a surplus is likely to exist in the market and how prices are likely to react. (2 marks) b) i. Draw a Demand and Supply diagram for Carrots based on the demand and supply schedule below. (3 marks) Price ($/kg) Quantity Demanded (kg Quantity Supplied (kg per per month) month) 750 550 2 700 600 3 650 650 4 600 700 5 550 750 ii. What is the equilibrium price and quantity of Carrots? (2 marks)C) Illustrate and explain how the equilibrium price and quantity of Carrots will change with the help of a demand and supply diagram should the following scenarios occur. Present your answers on two separate diagrams. The country has seen a steady increase of immigrants into the country over the past year. (5 marks) ii) The cost of fertiliser which is used in the production of carrots has seen a sharp rise in price