Suppose the price for basketball tickets is determined by a perfectly competitive market. Currently, the demand and supply schedules are given in the table below: Price QuantityDemanded QuantitySupplied 4 10000 8000 8 8000 8000 12 6000 8000 16 4000 8000 20 2000 8000 a. Draw the demand and supply curves. What can you say about the supply curve and why might this be true? b. What is the equilibrium price and quantity of tickets sold? c. Suppose that the college plans to expand the next year. As a result, they end up getting 5000 more students. These additional students have the following demand schedule. Price Quantity Demanded 4 4000 8 3000 12 2000 16 1000 20 0 Calculate the demand schedule for the entire college following the addition of 5000 new students. Draw the new demand curve. What is the new equilibrium quantity and price? 2. In 2015, the weather conditions were better than normal, leading to higher rainfalls filling up the rivers (which is good for salmon breeding). Moreover, the cooler weather led to higher growth of planktons, which is a primary food source for salmon. Illustrate graphically how this environmental incident would impact the market for salmon. What would happen to the price per pound in 2015 and why? 3. A CNBC news report suggests that airline ticket prices will be lowest between October 6th and October 31st. What happens to the market for airline tickets today? 4. Assume that motels are inferior goods. How will a US recession affect the market for motels? 5. Assume that consumers consume either ice cream or cake and never consume them together. How will an increase in cake prices affect the equilibrium in ice cream market