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For each of the following scenarios, use a supply and demand diagram to illustrate the effect of the given shock on the equilibrium price and quantity in the specified competitive market. Explain whether there is a shift in the demand curve, the supply curve, or neither.
a) The DBKL decides to increase the price of a T-token from RM 1.25 to RM 1.70, and also increases the price of monthly T-passes. Show the effect on demand, supply and on the equilibrium in the Kuala Lumpur area market for used cars. Are T-passes and cars substitutes or complements?
b) America is the biggest producer of corn in the world. Bad weather conditions in the Midwest lead to a very low production of corn in the USA. Show the effect on the world corn market.
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