Question: (Refer to Lecture 2 and 3) There was very heavy rain in NSW and lots of crops, vegetables and fruit were destroyed. At the same time an increasing number of people are buying vegetables due to the Easter holidays. What is (are) the factors affecting the demand side? What is (are) the factors affecting the supply side? How would this affect the demand curve, equilibrium price (Pe) and quantity (Qe)? How would this affect the supply curve, equilibrium price (Pe) and quantity (Qe)? *What would be the combined effect for the ultimate equilibrium price and quantity? Elasticity: Refer to Lecture 4, class exercise, slides 32 Different types of formula and calculation required (price elasticity, income elasticity and cross- elasticity). How price elasticity of demand impact on total revenue (TR)