This economics assignment analyzes demand and supply dynamics through several scenarios. It begins by examining the relationship between price and quantity demanded, illustrating the law of demand. The solution then considers the impact of increased income on consumer purchasing power and contrasts individual versus market demand curves. Further, the assignment explores the effects of substitute goods and analyzes short-run and long-run supply curves, and how shifts in demand influence market equilibrium. The assignment incorporates relevant figures and references to support the analysis, providing a comprehensive understanding of market mechanisms. The document also discusses the impact of supply changes and consumer behavior in response to market adjustments. The assignment is designed to help students understand the core principles of microeconomics.