The data in the table above represent the market demand and supply for strawberries over a range of prices. Price(Cents) Quantity Demand(Million tin/ year) Quantity supplied(Million tins/year) 10 90 30 20 80 50 30 70 70 40 60 90 50 50 110  4.Define the equilibrium of a market. Find the equilibrium price and quantity. 5.Suppose that an increase in consumers’ income results in an increase of strawberries’ demand.The demand of strawberries rises by 30 million tins/year at each price level. Find the new equilibrium price and quantity.

Consider the market for children’s books. Suppose that more parents started to educate their children at home during the coronavirus pandemic and needed more educational materials, including children’s books, to do so. At the same time, lots of publishers printing children’s books shut down due to a large number of workers preferring to stay at home due to safety reasons and home responsibilities. What was the effect of the events described above on the supply of and demand for children’s books?   A) Demand decreased; supply decreased.   B) Demand increased; supply increased.   C) Demand increased; supply decreased.   D) Demand decreased; supply decreased.

Suppose exceptionally good weather provides a much bigger than expected orange harvest. Instructions: Depict how this event will affect the market for oranges by dragging the appropriate curve in the graph. Price (S/orange) Ž I Market for oranges Quantity (oranges/week) $ What will happen to the equilibrium price and quantity of oranges? ↑ Equilibrium price will decrease and equilibrium quantity will increase. Equilibrium price will increase and equilibrium quantity will decrease. Both equilibrium price and equilibrium quantity will decrease. Both equilibrium price and equilibrium quantity will increase.

For each of the following changes in the demand or supply curves in the automobile market below, draw a graph showing the old demand and supply curves as well as the new demand or supply curve (whichever shifts).  Also, show how the equilibrium price and equilibrium quantity change. Show work on 3 different graphs. The income of consumers rises and automobiles are considered a normal good. Over time, and due to new resource discoveries, gasoline prices fall. The availability and price of public transportation falls.