Question #1 :

For each of the following events on the market forChickenin Canada, graphically illustrate the effect each of the following events will have on the supply and demand for Chicken, other things remaining the same. Assume each event is independent of one another and explain what happens to equilibrium price and quantity in each scenario. Hint: Only one of Supply or demand will change in each case.

1. Medical research indicates that eating chicken daily can reduce your cholesterol.
2. Improved chicken feed reduces the cost of chicken production.
3. The sale of fish is banned in Canada after an outbreak of bacterial parasites. Assume fish and chicken are substitutes.
4. The price of pork decreases because the Canadian government gives a subsidy to pork producers. Assume pork and chicken are substitutes.
5. A reduction in income taxes causes the incomes of Canadian consumers to rise sharply. Assume Chicken is a normal good.
6. The price of chicken feed rises due to a drought in Alberta.

Question #2 :

Read the following article titled "New maple syrup sap method doesn't rely on forests"available at the following link:https://www.cbc.ca/news/technology/new-maple-syrup-sap-method-doesn- t-rely-on-forests-1.2524462. Graphically illustrate AND explain whether this new method of tapping maple trees to get Maple Syrup will change the supply of maple syrup or the quantity supplied of maple syrup.

Question #5:

Ask a friend, roommate, partner, etc and find out about a product that they purchase on a regular basis. Ask this person three questions about the product they have chosen:

A. What is the current price you pay for that product?

1. How much do you purchase of the product in a typical month?
2. How much of the product would you purchase in the next month if the price of the
3. product doubled?

Using the initial price and demand for that product (Answers to part A and B above), along withthe new price and demand (from Part C above), calculate this persons' price elasticity of demand for their chosen product, and explain what type of good this product is for the person you asked these questions to.

Does your result make sense to you? Explain why or why not.