Question 6 What is the difference between a change in demand and a change in quantity demanded? State whether each of the following events will result in a movement along the demand curve for McDonald's Big Mac burgers or whether it will cause the curve to shift. If the demand curve shifts. indicate whether it will shift to the left or to the right and draw a graph to illustrate the shift. (i) Due to a new training program. MacDonald workers become more productive (ii) A shortage of potatoes causes the price of fries to increase. (iii) KFC raises the price of a bucket of fried chicken. (iv) The Australian economy enters a period of rapid growth in incomes. Question 1 Look at the following four graphs and four market scenarios. each of which would cause either a movement along the supply curve for Pepsi or a shift of the supply curve. Match each scenario with the appropriate diagram. 3. A decrease in the supply of Coca-Cola b Average household income rises c. An improvement in soft-drink bottling technology d An increase in the price of sugar Figure A Figure B PM Demand ECON100 - Summer 2023 Tutorial 1 (week 2) Figure C Figure D Price Question 8 Briey explain whether each of the following statements is true or false. a. If the demand for and supply of a product both increase, the equilibrium quantity of the product must increase. b. If the demand for a product decreases and the supply of the product increases, the equilibrium price of the product may increase or decrease, depending on whether supply or demand has shifted more. [End]