Your food truck business 'Curry in a hurry' has been operating for a number of months. Use the process of comparative statics to analyse the following changes in market conditions for the food truck cuisine (Assume that your business is one of many in a competitive market).

a) In the aftermath of a global pandemic the economy falls into a deep recession reducing consumer income. (2 Marks)

b) There is a rise in the price of the raw food ingredients by 15%. (2 marks)

c) There is an increase of 20% in the number of licensed food trucks. (2 Marks)