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Describe a scenario (real-life or fictitious) that reflects each of the following cases (Q.5.1-Q.5.3). Thereafter, graphically illustrate and explain each scenario in each case clearly showing the impact of the change on the equilibrium price and the equilibrium quantity of your chosen good. (In cases where you simultaneously change demand and supply, assume that they change by the same magnitude). Note: Knowledge and understanding of the determinants of demand and supply are critical in answering these questions. Q.5.1 An increase in demand (while supply remains constant). (Two marks will be awarded for your scenario, four marks for your graph and four marks for your explanation). (10) Q.5.2 An increase in demand and a simultaneous decrease in supply. (Two marks will be awarded for your scenario, five marks for your graph and three marks for your explanation). Q.5.3 A decrease in demand and a simultaneous increase in supply.
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