Question 1 a) Consider the market for smartphones. Within this context, Briefly explain about types and definitions of 'markets' and ii Provide current statistics for the national market of your choice and global market share for the leading brands. b) Illustrate the following situations (i through iv ) with a graph showing the demand and supply for smartphones, relevant shifts of these curves, and equilibria in the smartphone market before and after the change. 1. Minimum wages for the citizens rise. ii. Technical advancements reduce production costs. ii. The price of fixed-line calls declines sharply. iV The price of the copper used to make wires and circuit boards increases. Question 2 Cafe Amazon has grown to become Southeast Asia's largest franchise network with about 3,400 outlets in Thailand and 350 outlets across 10 Asian markets, including China, Japan, Malaysia, and Singapore. With more than 3 million daily visitors at its service stations and coffee shops, PTT Oil & Retail sees opportunities to add more products and services, Jiraphon said. "Cafe Amazon is easier to expand than oil businesses," Jiraphon said in an interview on Tuesday. "Non-oil businesses are also generating a much higher margin, and that's why we're focusing more on expanding retail operations." The company's coffee business expansion will also include doubling the capacity of its roasting plant to 10,000 tons per year to supply outlets in Thailand and setting up its automated distribution centre, a powder mixing plant, and a bakery factory, Jiraphon said. Franchising of Cafe Amazon will also generate significant non- oil revenue for the company. [Source: The Edge Market (https://bit.ly/3pZalzQ)] a) Based on the above excerpt, discuss on the i. determinants of supply; distinguish between a change in supply and a change in the quantity supplied, noting the cause(s) of each. Question 3 KUALA LUMPUR: Crude palm oil (CPO) prices are expected to be stable at above RM4,000 per tonne for the third quarter of 2021 before weakening in the fourth quarter due to the expected recovery in production. According to Malaysian Palm Oil Board director-general Dr. Ahmad Parveez Ghulam Kadir, improvements in production and exports are expected to sustain in the following year, supported by positive developments in the COVID-19 situation, better prospects for global oils and fats, as well as favourable trade policies in competing and importing countries. "Meanwhile, palm oil prices in 2021 are expected to average at RM4,000 per tonne, an increase of 49 per cent compared to RM2,685 per tonne in 2020, due to expected lower CPO production," he said during the World Palm Virtual Expo and Conference 2021 today. [Source: The Star (https://bit.ly/3byQPlk)] a) Based on the above excerpt, discuss on the 1. determinants of demand. ii. distinguish between a change in demand and a change in the quantity demanded, noting the cause(s) of each