USE A GRAPHING PAPER OR ANY APP FOR THIS.

Part 1 . What do you think will happen to the current demand of product X under the following circumstances? Can you illustrate the change in the demand curve?

1. More buyers in the market
2. Its competitor, an absolute substitute, is on sale.
3. Buyers "expect" that product X will have a huge price decrease in 2 weeks.
4. Obsolescence of the product X

PART 2. What do you think will happen to the current supply of product X under the following circumstances? Can you illustrate the change in the supply curve?

1. Increase in the cost of production
2. Sellers "expect" that product X can be sold at a higher price during the upcoming festival.
3. More sellers in the market