1 ragraphHomework IBDemand and Supply problemsNamoaClass time:Question 1For each of these situations, answer what happens to i) demand, iisUpply, iii)equilibrium price and iv) equilibrium quantity v) Quantity Demanded vi) QuantitySupplied. If nothing happens, state "no change". You can also state with up, down or nochange symbols as shown in the lecture video. Draw the market, meaning necessaryDemand and Supply graphs, and show the shifts.a.- How will an increase in income change the market for pizza, a normal product?|How will an decrease in supply of Coke affect the market for both Coke and Pepsi.?Assume Coke and Pepsi are substitute products. -1b. The government were to impose an effective price (rent) ceiling on housing. Howwill it affect the housing market in question?Question 21The demand andsuoplyof widgets is given below. Q is quantity, and P is price ofwidgetsQva 1000 - 2PQva500 + 3PTa.-- How much is equilibrium quantity and equilibrium price (show me your work)b. If there is a price control of S50 imposed by the government for widgets, howmuch shortage is there in the economy. What type of price control is this called?Question 3 Elasticity questiona.- The current market price is $100 and quantity demanded at that price is 80 foryour micro econ textbook. The price increases to $120, and quantity demandedfall to 70. How much is the price elasticity of demandb. Is the market for the economics textbook elastic, inelastic or unit elastic, andwhy?Question 4: Shift in both Demand and SunplyShow the change graphically for an increase in demand and a decrease in supply, andstate how equilibrium price and quantity changes. -Do you know the direction of changefor equilibrium price and quantity with certainty, (recall you have three sets of graphshere)

Question 1 For cach of these situations, answer what happens to i) demand, iisunnly, iii) equilibrium price and iv) equilibrium quantity v) Quantity Demanded vi) Quantity Supplied. If nothing happens, state "no change". You can also state with up, down or no change symbols as shown in the lecture video. Draw the market, meaning necessary Demand and Supply graphs, and show the shifts. a.- How will an increase in income change the market for pizza, a normal product? How will ax decrease in supply of Coke affect the market for both Coke and Pepsi.? Assume Coke and Pepsi are substitute products. -1 b. The government were to impose an effective price (rent) ceiling on housing. How will it affect the housing market in question?