QUESTION 5 Fantaa is the only soft drinks manufacturer in Country V. Weekly, Fantaa is able to produce 7.64 million cans of soft drinks. Residents in Country V loves Fantaa's soft drinks and consume 5.25 million cans weekly. The market-clearing price is $1.15 per can. Answer the following questions: a. How many cans of Fantaa soft drink would need to be exported weekly for the market to be in equilibrium? million cans. Answer in millions to two decimal places. b. Health experts in Country V found that it is extremely unhealthy to consume a large number of soft drinks. They decided to lobby and pressure the government to implement a price floor for all soft drinks at $1.63 per can. If the price floor is implemented, it is expected that the quantity demanded for Fantaa's soft drinks will drop from 7.64 million cans to 5.22 million cans. It is given that the opportunity cost of producing the last can of soft drink at 5.22 million cans is $0.72 per can. Assuming the price floor is successfully implemented, what is the amount of consumer surplus being converted to producer surplus when the price is increased from $1.15 per can to $1.63 per can? $ million. Answer in millions to two decimal places. c. With an increase in prices for locally produced soft drinks, consumers started looking to the black market for cheaper imported soft drinks (that are not affected by the price floor). Will the existence of this black market likely increase or decrease the consumer surplus? Type I for Increase or D for Decrease. QUESTION 6 While studying a Bachelors Degree in Economics at UQ and working part-time as a tutor, Angus always made sure to cook dinner home as opposed to buying takeaway food. Since graduating and starting full-time work at a government agency in the city, Angus now chooses to only buy takeaway food and never cooks dinner at home. Which of the following statements is true? Home-cooked dinners are a normal good for Angus. Takeaway dinners are an inferior good for Angus. Home-cooked dinners are an inferior good, while takeaway dinners are normal goods for Angus. Home-cooked dinners are complements to takeaway dinners. Takeaway dinners are both a normal and inferior good for Angus