2. (13 points) Number this question. Write in an orderly manner and be brief. Set up the piece of notation that you use. Suppose we are analyzing the market for hot chocolate. Graphically illustrate the impact of the following event on the demand for hot chocolate or supply of hot chocolate: Consumer income falls because of a recession (assume that hot chocolate is a normal good). To get credit, you must show and label clearly and unambiguously the initial equilibrium and the final equilibrium. Moreover, you must show clearly and unambiguously how the equilibrium price and the equilibrium quantity change (show these changes by drawing appropriate arrows, as explained in class, and also by writing a brief explanation alongside your graph). Be precise and brief. Label the axes and curves and make sure the graph and changes are intelligible and clear. Sloppy or vague/ambiguous/informal answers and confusing/messy graphs will receive NO credit. Unsubstantiated claims will receive NO credit