Question 1 Using the standard supply and demand framework, qualitatively assess each of the scenarios given in sub-parts a) to f). How would the demand and supply curves shift in each case, if at all? In each case, select exactly one of "leftward", "rightward", or "no shift". What are the effects on the equilibrium price and quantity? In each case, select exactly one of "increase", "decrease", or "ambiguous". Show your work for each part and then record your final answers in a table with the following format. Market Demand curve Supply curve Equilibrium price Equilibrium quantity a) Microwave meals b) Maple syrup c) Smartphones d) Exotic cars e) Bubble tea a) Research assistants on campus consider microwave meals an inferior good. This semester, they are met with the news as the university will increase their stipends by 15%. b) Maple syrup is produced from maple trees. During an exceptionally dry summer, forest fires reduce the population of maple trees by half. c) Remote Communications Inc. introduces the latest version of its smartphone and a flood of consumers rush to order it. Concurrently, however, the production line of Remote Communications Inc. is plagued by labour shortages, cutting production in half. d) An economic boom has caused consumers to accelerate certain spending, particularly the purchase of exotic supercars. Automobile firms correctly anticipate the economic boom and increase the production of exotic models. e) A recent study claims that the tapioca pearls in bubble tea are linked to a decreased risk for cancer, creating interest among consumers.