its just short answer paper plz help me with it and thank youuu Short-answer questions1. Lulu hypermarket orders 8,000 cases of Pepsi each week and sells them at a price of $5.00 percase. At the end of the month, they have sold 8,600 cases.a) What economic situation is Lulu facing (shortage or surplus)? Explainb) How price will change to get back to equilibrium?2. Explain what will be the result of cheaper sugar used in production of cakes at Bread Talks.What factor is this? Draw the graph and show the change.3. Discuss the results of an increase in the price of crude oil for production of petroleum.Discuss how supply and price of petroleum will be changed?What factor is this? Draw the graph and show the change.4. If the price of chicken increases, discuss the changes in the market demand for beef.What factor is this? Draw the graph and show the change.5. The following table gives the information on daily supply and demand for Apple Juice at asporting event:Price, S2.101.801.601.401.20Quantitydemanded8001,6002,4003,2004,100Quantitysupplied7,2004,8002,4001,600950a. What is the equilibrium price of juice? Explainb. If the organizers of the sporting event decide to set the price at 1.60, how many bottles of juicewill be demanded, supplied? How many bottles of juice will be sold?6. True or False? Explain.In economics, "inferior good" is the name for a good which is high quality and only rich peoplecan afford buying.7. State the Law of Demand. Discuss the relationship between Price of the good and its Quantitydemanded.b. Over the last 10 years, price of new models smart Phones increased by 25%. At the sametime, the number of sold phones has increased from 250KD to 400KD.Does this example demonstrate that the Law of Demand is false? Explain why or why not. Usegraphs.

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Short-answer questions 1. Lulu hypermarket orders 8,000 cases of Pepsi each week and sells them at a price of $5.00 per case. At the end of the month, they have sold 8,600 cases. a) What economic situation is Lulu facing (shortage or surplus)? Explain b) How price will change to get back to equilibrium? 2. Explain what will be the result of cheaper sugar used in production of cakes at Bread Talks. What factor is this? Draw the graph and show the change. 3. Discuss the results of an increase in the price of crude oil for production of petroleum. Discuss how supply and price of petroleum will be changed? What factor is this? Draw the graph and show the change.