USING THE CETERES PARIBUS ASSUMPTION, ILLUSTRATE AND EXPLAIN THE CHANGE (SHIFT TO THE RIGHT OR SHIFT...

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USING THE CETERES PARIBUS ASSUMPTION, ILLUSTRATE AND EXPLAIN THE CHANGE (SHIFT TO THE RIGHT OR SHIFT TO LEFT) IN THE DEMAND OR SUPPLY CURVE AND WHAT WILL HAPPEN TO THE EQUILIBRIUM PRICE OF GOOD Y BASED ON THE FOLLOWING SITUATIONS: (In answering, please label your graph properly; bases of your answers should be the given situations below.) A. Good X goes out of fashion. B. The price of Good A, a substitute for Good X, decreased. C. Prices of oil products increased. Note: In each of the Situation, show a graph that would illustrate the change (if any) and then show what will happen to the equilibrium price. Explain your answers thoroughly. Note 2: You may submit handwritten answers. USING THE CETERES PARIBUS ASSUMPTION, ILLUSTRATE AND EXPLAIN THE CHANGE (SHIFT TO THE RIGHT OR SHIFT TO LEFT) IN THE DEMAND OR SUPPLY CURVE AND WHAT WILL HAPPEN TO THE EQUILIBRIUM PRICE OF GOOD Y BASED ON THE FOLLOWING SITUATIONS: (In answering, please label your graph properly; bases of your answers should be the given situations below.) A. Good X goes out of fashion. B. The price of Good A, a substitute for Good X, decreased. C. Prices of oil products increased. Note: In each of the Situation, show a graph that would illustrate the change (if any) and then show what will happen to the equilibrium price. Explain your answers thoroughly. Note 2: You may submit handwritten answers.