Explain and illustrate each of the following statements using supply-and demanddiagrams. Show the impact on equilibrium price and quantity.i. Laptops – There is increased access to wireless technology and lighterweight products are available. Microchips a component of laptops arecheaper as new technology has come online. ii. Lychee - Production in Canada totalled 1.5 million barrels in 2018, a 40percent increase from 2017. Demand increased by even more thansupply, over the same period. [3 marks]iii. Gasoline - The price of sedans rises and electric cars have become morepopular iv. Wool coats: New knitting machines are invented and insect infestationdestroys most of the cotton crop in Canada
Explain and illustrate each of the following statements using supply-and demand
diagrams. Show the impact on
i. Laptops – There is increased access to wireless technology and lighter
weight products are available. Microchips a component of laptops are
cheaper as new technology has come online.
ii. Lychee - Production in Canada totalled 1.5 million barrels in 2018, a 40
percent increase from 2017. Demand increased by even more than
supply, over the same period. [3 marks]
iii. Gasoline - The price of sedans rises and electric cars have become more
popular
iv. Wool coats: New knitting machines are invented and insect infestation
destroys most of the cotton crop in Canada
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