Question 1 (a) Draw a demand and supply graph for the global market for crude oil. [5 marks] (b) Explain the effects of the Russian-Ukraine war on market price and quantity of crude oil. [5 marks] (0) Using an appropriate demandsupply diagram, discuss how global crude oil prices might affect the market for vegetables in Malaysia. [5 marks] (d) To protect consumers from uctuating prices of vegetables, the government consrders price control policies. Provide an example of a usefut price control policy that can prevent prices from rising further. [5 marks] (e) Explain the effects of this price control policy on the market? [5 marks] Question 2 A facto su . ervisor faces the followin u table: Quantity of Rental of laptops factory equipment (a) The 5'\" and 6\"1 columns of the table is deliberately left empty. Calculate the average cost associated with each level of production and complete the 5m column of the above table (14 marks) (b) Calculate the prots associated with each level of production, and complete the 6th column of the table (21 marks) (0) identify which production level maximises prots (7 marks). (d) Explain the type of market structure that this manufacturer might be operating in (Hint: prices are the same despite changing production levels) (3 marks). (9) Elaborate the possible outcome that can happen in the long-run if this manufacturer continues making prots (Hint: explain the adjustments taking place in the market) (12 marks) (0 Suppose that this manufacturer discovers a new technology that reduces labour cost signicantly. We now have new information in the table below