QUESTION ONE QUESTION TWO Suppose the government regulates the prices of beef and chicken and sets them below their mark

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QUESTION ONE
QUESTION TWO
Suppose the government regulates the prices of beef and chicken
and sets them below their market-clearing levels. Explain why
shortages of these goods will develop and what factors will
determine the sizes of the
shortages.
(4
marks)
QUESTION THREE
Assume a Zambian car manufacturer called Z motors produces Z
sport utility vehicles. Do you think the price elasticity of demand
for Z sport-utility vehicles (SUVs) will increase, decrease, or
remain the same when each of the following events occurs? Explain
your answer.