This economics assignment analyzes various market scenarios using supply and demand principles. It begins by examining the effects of changes in substitute good prices, production productivity, and consumer income on the market for woollen jumpers, illustrating these effects with demand and supply graphs and explaining the market equilibrium adjustment process. The assignment then critiques a statement about garlic demand, clarifying the distinction between shifts and movements along the demand curve. Further, the assignment explores how events like bird flu and government intervention impact the market for live chicken, again using supply and demand diagrams. The assignment then calculates price elasticity of demand and discusses its relationship to total revenue, differentiating between elastic and inelastic demand. Finally, the assignment describes the characteristics of perfect competition, illustrating how the entry of new firms impacts market dynamics and profit levels. References are included.