Question # 4marks (5)Part A: Think about any normal good and write it down. Make a table mentioning all five shifters for the demand curve of your chosen good and explain the situation (for each shifter) why the demand curve of your chosen good would shift and how it will shift (to the left or right). Also, make another table with the shifters of the supply curve and explain the situation for each shifting of the supply curve.Part B: Draw a simple demand and supply curve and show all labels (price, quantity, demand, supply, equilibrium etc.). Also, draw a second graph showing what will happen if the price of the related good of the good you have selected in part A, increases.

Question # 4 Part A: Think about any normal good and write it down. Make a table mentioning all five shifters for the demand curve of your chosen good and explain the situation (for each shifter) why the demand curve of your chosen good would shift and how it will shift (to the left or right). Also, make another table with the shifters of the supply curve and explain the situation for each shifting of the supply curve. Part B: Draw a simple demand and supply curve and show all labels (price, quantity, demand, supply, equilibrium etc.). Also, draw a second graph showing what will happen if the price of the related good of the good you have selected in part A, increases. Ans: Part A: You can use the following format to write down your answer: Example of a Normal Good: Shifter of the Demand Curve What and Why Shifter 1 left/right ...because .... Shifter 2 Shifter of the Supply Curve What and Why Shifter 1 left/right ...because .... Shifter 2 Part B: Draw two graphs as per the instructions (see the next page)