You have been appointed as an economic advisor to the principle of Bright Sparks College, a firm operating in the market for tertiary education. Over the past 18 months the following simultaneous changes have been noticed in the market for tertiary education:

A decrease in consumer income; An increase in the cost of providing tertiary education services.

Explain, with the aid of a graph, the impact of the above changes on the equilibrium price and equilibrium quantity in the tertiary education market. (Note: Seven marks for a graph and 8 marks for the explanation.)

2. Identify any six factors that can impact the price elasticity of demand for biltong; and Explain how each one can be applied to achieve this elasticity coefficient. (12)

3 Based on an elasticity coefficient of 1,89, explain how biltong producers can increase total revenue from the sale of biltong.

4.Fitness enthusiasts consider biltong to be an excellent source of protein and a good alternative to drinking a protein shake.Based on this information, would you expect the cross elasticity of demand for biltong to be positive or negative if the price of protein shakes increases? Explain your answer.