HIRE QUALIFIED ACADEMIC WRITERS
Using diagrams, show the effect on the demand curve, the supply curve, theequilibrium price and the equilibrium quantity of each of the following events.i. The salaries of journalists go up (5 marks)ii. There is a big news event in your town, which is reported in thenewspapers (5 Marks)2. Beef supplies are sharply reduced because of drought in the beef-raisingstates, and consumers turn to pork as a substitute for beef. How would youillustrate this change in the beef market in supply-and-demand terms?(5 Marks)3. In a given market, demand is described by the equation:???? = ???????? – ??????and supply is described by:???? = ?????? + ??????i. Determine the equilibrium price and quantity (10 Marks)ii. Graphically illustrate the equilibrium price and quantity (5 Marks)Page 2 of 24. Due to high company taxes prevailing un the auto mobile industries, theaverage prices of motor vehicle specifically sedan has increased from aN$170 000 to a N$190 000 and the quantity demand for sedan motor vehicledecreases from 1000 units to 800 units. Use arc elasticity method to calculatethe price elasticity of demand for sedan motor vehicle. (5 Marks)Attachments:Microeconomic….pdf
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