1. Regular and decaffeinated coffee are can be used instead of each other by consumers. With the aid of a graph, careful

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1. Regular and decaffeinated coffee are can be used instead ofeach other by consumers. With the aid of a graph, carefully explainthe change in equilibrium (equilibrium price and quantity) fordecaffeinated coffee, when there is an increase in the price ofregular coffee.
2. True or False: Suppose you are advising the Egg Farmersof Canada on changes in the egg market. Suppose the current priceis $3.00 per dozen eggs and the quantity demanded is 2.5 milliondozens of egg per day. Suppose price elasticity of demand isconstant at 0.8. You are considering reducing the supply, so thatthe price rises to $3.5 per dozen. Total expenditure on eggs byconsumers will rise.
Explain your answer carefully.
3. Which is more important in trade: Absolute advantage orcomparative advantage? Explain carefully.
4. Gas prices increased drastically in the summer of 2022.If the demand function does not shift, use a graph to explaincarefully what happens to the consumer surplus and totalbenefit.