Assignment task: Given the products below and the events that affect them, indicate what happens to demand or supply, and the equilibrium price and quantity in a competitive market. Identify the determinant of demand or supply that causes the shift. Provide answer with graph needed.
1) Coffee: There is a fall in the harvest for coffee beans.
2) Compact disk players: There is a significant reduction in income tax.
3) Butter.: The price of margarine rises.
4) Cars: The price of petrol rises.
5) Mobile phones: The labourers ask for higher wages.
6) Baby chairs: The number of infants rises tremendously in the year.
7) Chocolate: The buyers predict a lower price after 2 months.
8) Cigarettes: The government has decided to impose heavier, every taxes on cigarette producers.
9) Textbooks: The government increased the subsidies to book producers.
10) TV: The producers expect the price to fall soon.