Question: Using demand and supply curves, examine the effects on the equilibrium price and quantity in the following situations: (i)An increase in preference in favour of

Using demand and supply curves, examine the effects on the equilibrium price and quantity in the following situations:

(i)An increase in preference in favour of a particular good.(5 marks)

(ii)The discovery of new oil fields. (5 marks)

Using demand and supply curves, examine the effects on the equilibrium price and quantity in the following situations:

(i)An increase in preference in favour of a particular good.

(ii)The discovery of new oil fields.

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