Economics

Economics 1) For each of the following situations, draw the D-5 graph. Remember that if there are factors that cause both D and 8 curve to shift, then you need to draw 2 graphs for this scenario. One, in which you reflect a change in D and another one, in which you reflect a change in 5. On each graph label the following: axes, initial D-S curves, initial equilibrium, new D and/or S curve(s), and new equilibrium. For each scenario, assume that the good is normal and that the graphs that you draw reflect the market for this good today. (10 points) a. Popu1ation decreases and productivity increases b. Income increases and price of inputs increases