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a) Explain each of the given economic situation using demand and supply equillibrium framework.
b) Demonstrate what happens to price and quantity when supply or demand curve shifts.
c) Extend your reasoning for each of these situation with hypothetical example.
Situation - 1 : No change in demand and increase in supply.
Situation - 2 : Decrease in demand and no change in supply.
Situation - 3 : An increase in demand and increase in supply.
Situation - 4 : Decrease in demand and increase in supply.
Situation - 5 : Decrease in demand and decrease in supply.
Draw graphs wherever necessary.
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