QUESTION 9 Lleyton really enjoys playing tennis and needs to get new strings for his racquet on a regular basis. Currently, Lleyton plays tennis three times a week, which means that he needs to restring his racquet twice a month. Fortunately, Lleyton receives a pay rise at work, as do most of the other tennis players in the local area. Mr Rafter, the owner of the tennis centre where Lleyton plays, hears from his string supplier that there will soon be a shortage of nylon, which is a key input in making racquet strings. Mr Rafter is very clever and realises this means he will be able to raise his prices later in the year. If the magnitude of these effects on demand and supply are equal, will the new market price for tennis racquet strings at Mr Rafter's tennis centre be higher/equal to/lower than the original price? [a] (Type L for lower, E for equal, H for higher, N for need more information). QUESTION 10 With droughts across Australia, many crops and vegetables do not survive, meaning many farmers do not have anything to harvest come harvesting season. Answer the following questions: a. Cabbage is one of the vegetables heavily affected by the drought as it requires a lot of water. What would be the resulting impact on the cabbage supply curve? Type U for unknown, L for shift left, R for shift right, N for no effect. b. Medical experts revealed that cabbage could improve your eyesight. Compared to the market equilibrium price prior to any drought, what would be the resulting market price? Type H for higher, S for the same, L for lower, U for unknown. c. Consider that the drought has killed 80% of cabbage crops across Australia. At the same time, consider a small proportion of the elderly decide to increase their cabbage consumption. What would be the impact on the resulting new equilibrium quantity of cabbage consumed (compared to the original quantity before these two impacts)? Type H for higher, S for the same, L for lower, U for unknown