Solve the following questions

Q5: The figure below shows the market demand and supply for handphones. Marks:4 Supply Demand Quantity Note: This graph is NOT drawn to scale. Suppose there are an increase in population and an advancement in manufacturing technology. a) State the impact on the supply and demand curves. b) Based on your answers in (a), state how the equilibrium price and equilibrium quantity will be affected. Note: You can enter a maximum of 8000 characters and you have already entered 0 characters. Q6: 98-unleaded and 95-unleaded petrol are substitute goods, and it is known that 98-unleaded petrol has an estimated price elasticity of demand (PED) of 0.2. Marks:4 Using the demand and supply model and concept of PED, explain the impact of a 10% increase in the price of 98-unleaded petrol on the demand for 95-unleaded petrol, ceteris paribus. (Hint: Examine the PED of 0.2 closely) Note: You can enter a maximum of 8000 characters and you have already entered 0 characters