Question 2 (2 points) Listen In each of the two (separate) following situations, list what will happen to the equilibrium price and the equilibrium quantity for the particular product. 1*2 = 2 marks a. Income increases (assume inferior good) and the cost of its production decreases. b. Price of a substitute good falls and the price of inputs increase.Question 4 (3 points) Saved Listen China's PPF South Korea's PPP 3,80 1 830 1 310 30 ME ciabal 0 48 Digital The two graphs shows the PPFs of China and South Korea. The Before trade production and consumption point for China is shown by point C and the same for S. Korea is shown by point K. The after trade points are shown by points B and J for China and S Korea respectively. Given these information, answer the following questions.b. Given the after-trade points in the graph, can you identify how trade would take place between the two countries, i.e. the number of digital cameras and the quantity of wheat that would be exchanged between South Korea and China. (Hint: remember to think about specialization once you answer part a, to help you answer this question). 2a. Find out the comparative advantages for each of the two countries