Explain the notions of market equilibrium/disequilibrium and underlying factors influencing demand and supply and resultant changes to market equilibrium prices and quantity for normal goods. What are...

Explain the notions of market equilibrium/disequilibrium and underlying factors influencing demand and supply and resultant changes to market equilibrium prices and quantity for normal goods. What are the policy implications for the firm in terms of change in market equilibrium prices, quantity, and total revenues in the light of the following market conditions?

(a) Rise in income level in the economy when goods supply is price inelastic and elastic. (b) Increase in costs of inputs such as labour when goods demand is price inelastic and

elastic.