Question: 2. Draw separate diagrams for a, b and c. a) Lets consider the market for street food which is an inferior good. Show using demand

2. Draw separate diagrams for a, b and c. a) Lets consider the market for street food which is an inferior good. Show using demand and supply curves what will happen to the equilibrium price and quantity of street food if people's income decreases. b) Lets consider the market for mobile phones. Show using demand supply curves what will happen to the equilibrium price and quantity of mobile phones if there is a technological advancement in the mobile phone manufacturing industry. c) Lets consider the market for fuel. Show using demand supply curves what will happen to the equilibrium price and quantity of fuel if price of cars fall

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