ECO-550 DQ 1 Fundamental Economic Concepts Please respond tothe following: Answ

ECO-550 DQ 1 Fundamental Economic Concepts Please respond tothe following: Answer the following discussions based on theKatrinas Candies scenario: o From the scenario for KatrinasCandies examine the key factors affecting the demand for and thesupply of a good in general and Katrinas Candies specifically. oDistinguish between a change in demand and a change in the quantitydemanded; and indicate the factors that are responsible for a shiftin demand curve. o Distinguish between a change in supply and achange in the quantity supplied; and indicate the factors that areresponsible for a shift in supply curve. DQ-2 Supply and DemandPlease respond to the following: From the e-Activity examine thekey factors that influence the supply and demand of the selectedgood in general and Katrinas Candies specifically. Discuss twoways or reasons in which business organizations may utilize theinformation on determinants of demand and supply in their economicdecision making.