Question 2 (20 marks) Think about the demand for the three popular laptops: ACER, ASUS and DELL. Using supply and demand diagrams, explain the effect on the demand for ACER or the quantity demanded of ACER (other things remaining the same) as a result of the following: a) The price of an ACER rises? (2 marks) b) The prices of an ASUS and a DELL decrease? (2 marks) c) Programmers who develop operating system for ACER become more costly to hire? (2 marks) (1) In Sydney market, demand for ACER is given by the equation P = 30 2Qd and supply of ACER is given by the equation P = 6 + 4QS. If Sydney market is in equilibrium, determine the equilibrium price (P) and quantity (Q) of an ACER and show the equilibrium condition in a graph. (4 + 3 marks) e) From the equilibrium in part d), if price of an ACER decreases to $16, what would be the quantity demanded for ACER, show this using a graph. In this case, calculate the price elasticity of demand for ACER. (4 + 3 marks)