Question 2 For each of the events describe below, you are required to explain:

1. The market you are evaluating (e.g., labour market, automotive market, etc).

2. Does the event act on the demand side, supply side, or both sides of the market?

3. Does the event lead to a quantity or price change?

Or does the event lead to a shift in demand, supply, or both? Make sure to explain what sort of assumptions you are making on the elasticities of demand and supply (when plotting your demand and supply, describe whether you are assuming an elastic or inelastic demand/supply).

a) A reduction of supply as a consequence of a disruption in the world oil markets

b) The implementation of a minimum wage

c) The implementation of taxes to manufacturing of cars in Australia

d) The implementation of a Carbon tax in the economy. A Carbon tax is charged according to the level of emissions of greenhouse gases in an economy.

e) The implementation of a new loan program to university students in the education sector