Q1. Evaluate how the following situations will affect the demand curve for iPods. Believing that it has significant control of the market for portable digital music players, Apple decides to raise the price of iPods with the goal of increasing profits.
Q2. Assuming fuel is one of the main inputs for many sectors. When a war breaks out in Country X, which is the main producer for fuel in the world, it causes fuel supply disruptions in the world. Discuss the market equilibrium for fuel and car after the war.