(a) Recently, Hygiene Department found some hazardous substances from the sample of seafood. Suppose this news raises public fear in eating seafood. With the aid of a diagram, explain the effects on the seafood’s equilibrium quantity and market price in Hong Kong.
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(b) Many publishers claimed, “The printing cost is increasing, but the total numbers of students is decreasing.” With the aid of a diagram, explain the effects on textbooks’ equilibrium quantity and market price in Hong Kong.
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(c). ‘We can increase company’s revenue by increase fares,’ said a public bus company manager. Explain with a diagram why he is correct with the concept of price elasticity of demand.