Question 1 Table 1 below summarizes the price of one bottle of 200ml of an alcohol-based hand sanitizer and the various quantities sold from November 2019 to March 2020. After the outbreak of an unknown respiratory virus which spreads primarily through droplets generated when an infected person coughs or sneezes, health experts advised people to use alcohol-based hand sanitizers as an effective approach to kill the Virus. Since then price of one bottle of 200ml alcohol-based hand sanitizer hiked to $9.5 per bottle in mid-March 2020 and about 21,000 boxes were sold per week. Table 1: Price and quantity of alcohol-based hand sanitizer from November 2019 to March 2020 Price (per bottle of 200ml Quantity (bottle per week) Month/Y ear alcoholbased hand sanitizer) November 2019 $1.25 January 2020 $2.80 4,500 February 2020 $4.60 9,800 March 2020 $9 .50 21 .000 (a) The information in Tablel shows that the quantity demanded for alcoholbased hand sanitizer increases as its price increases. (i) Evaluate whether such information contradicts the law of demand and diagram the scenario by applying relevant supply and demand models. (ii) Assuming the market of alcoholbased hand sanitizer is perfectly competitive and all other factors are constant, predict what may happen to the price and quantity of a specied substitute good for alcohol-based hand sanitizer in the short run. (iii) In addition, discuss with diagrams all possible long-run equilibria for the market of alcohol-based hand sanitizer by applying relevant theories. (15 Marks)