Using Starbucks coffee as your good,explain each of the following using only a single sentence for each.1pts.each a.Income Effect b.Substitution Effect c.Law of Diminishing Marginal Returns 2. For each situation, determine if the resulting change is in the given market is a change in demand or guantity demanded.1 pt.each) a. The price of vegetable oil increases,market for olive oil b.The price of vegetable oil increases,the market for popcorn c. The price of olive oil decreases,the market for olive oil 3.For each situation, determine if the resulting change is in supply or guantity supplied.(1 pt. each) a.The price of crude oil decreases,the market for crude oi b.The price of crude oil decreases,the market for gasoline c.The price of gasoline increases, the market for gasoline 4.Look at the graph on the reverse side.1 pt.each a.Is this a shortage or a surplus? How do you know? b.What does the situation in part a cause to occur? c.What does the effect in part b cause to occur?