Use the demand and supply framework to qualitatively analyze the market in each of the scenarios given in a) through f). How would the demand and/or supply curves shift? (Leftward/rightward/no shift) What are the effects on equilibrium price and quantity? (Increase/decrease/ambiguous) Summarize the result in the following table format: Equilibrium Price Equilibrium Quantity Market Demand Curve Supply Curve a) Bubble Tea Fruit b) Smoothies Microwave c) Meal Wisconsin d) Cheese jPhone 6 e) Smartphone f) Exotic Cars a) A recent study claims that the tapioca pearls in bubble tea are linked to increase risk for cancer, creating fear among consumers. b) In addition to the study report in a), you are also told that fruit smoothies are good alternatives to bubble tea. At the same time, you know that the extended summer has invigorated fruit harvests. c) Teaching assistants consider microwaveable meals an inferior good. This semester, they are greeted with bad news as the Department of Economics cuts their stipends by 15%. d) Wisconsin produces fine cheese using cow's milk; however, mad cow disease has wiped out half the population of cows in Wisconsin. e) Banana Inc. introduces the latest incarnation of its smartphone, the jPhone 6. A flood of consumers rush to order this famous smartphone. At the same time; however, the production line of Banana Inc. is plagued by riots, cutting production in half. ) The economic slump and oil shocks have caused consumers to delay excessive spending, particularly, the purchase of exotic supercars. Automobile firms correctly anticipate the economic crisis and cut down production of exotic models.