Question 1Coronavirus(COVID-19)has infected millions of humans and a small number of animals around theworld since 2019.As a student intern of a consultancy firm,you were assigned to assist the senioranalyst to prepare a demand-and-supply analysis of the pets trading in Hong Kong during this globalpandemic.After your investigation,the following TWO pieces of information extract were collectedfor the analysis.Information extract 1Can Animals Catch Coronavirus?By Caroline Christen,sentientmedia.org,February 24,2021Pets,aka companion animals,who interact with infected humans can contract COVID-19…Depending on their species,companion animals are more or less likely to catch COVID-19.According to the World Organisation for Animal Health (OIE),animals kept as human companionsmost susceptible to infection with COVID-19 are domestic cats,golden hamsters,ferrets,and NewZealand White rabbits.Other types of hamsters have also been shown to be susceptible tocoronavirus…Golden hamsters and ferrets have been shown to transmit COVID-19 to othermembers of their species…American mink and raccoon dogs spread the disease within their ownpopulation,and mink can even infect humans.(Source:https://sentientmedia.org/can-animals-catch-coronavirus/)Information extract 2Hong Kong plans to cull 2,000 hamsters over Covid fearsBy Jessie Yeung,CNN,21 January 2022Hong Kong will euthanize about 2,000 hamsters and other small animals after a pet store workerand several rodents tested positive for coronavirus…After investigating the pet store,officialssaid on Tuesday that 11 hamsters had tested preliminary positive for Covid…Authorities also suspended the import of all small animals into the city,and told all pet storesselling hamsters to suspend operations immediately until all their small animals have testednegative.(Source:https://edition.cnn.com/2022/01/18/asia/hong-kong-covid-cull-hamsters-intl-hnk/index.html)(a)Consider the information extract 1 only.Use one sentence to summarize the key informationbefore introducing the factor affecting the pets trading in Hong Kong.Use demand-and-supplyanalysis to explain the effect on the equilibrium price and equilibrium quantity of pets trading inHong Kong.No demand-and-supply diagram is required but you need to describe how thecurve(s)shift(s)in your written explanation.(b)Consider the information extract 2 only.Use one sentence to summarize the key informationbefore introducing the factor affecting the pets trading in Hong Kong.Use a demand-and-supplyanalysis to explain the effect on the equilibrium price and equilibrium quantity of pets trading inHong Kong.No demand-and-supply diagram is required but you need to describe how thecurve(s)shift(s)in your written explanation.(c)Considering all effect identified in your answer of part (a)and (b),what are the combined effecton the equilibrium price and equilibrium quantity of pets trading in Hong Kong?Your analysisshows that there is a decrease in price for pets trading in Hong Kong.How could thisobservation be possible?Explain with a demand-and-supply diagram.Question 2(a)What is normative statement?(b)What is positive statement?(c)Which of the following statements are normative or positive?Explain your answer.i.Unemployment rate will increase for the next quarter.ii.People should order take away to stay healthy during pandemics.ili.Microsoft’s Windows is the most widely used computer operating system in the world.