Diagrams and definitions should be used where possible.1) Answer the following scenarios in regard to the consumer goods market.a) The job market is becoming easier to enter. How does this impact the demand for consumer goods? (1 mark)b) The minimum wage is lowered. How will this impact firms? (1 mark)c) What is the combined effect on the market for consumer goods? (3 mark)2) Diagrams are required. Changes in equilibrium points must be shown and discussed. List the factors of supply and demand that are affected. a) The price of jeans when up and total revenue dropped, explain how with a diagram plus the relationship between total revenue and price with elasticity. (3 marks)b) The price of suit pants went up the demand for jeans increased, what is the relationship between these two goods called? What is the likely value that the cross-price elasticity be for jeans in relation to suit pants? (2 marks)3) a) What impact does time have on the slope of demand curve and why? (1 mark)b) Why does the definition of the market impact the elasticity? (1 mark)c) Is the elasticity of a linear demand curve constant and justify your answer? (3 marks)
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