Instructions: 1. For each problem, only draw the curve(s) specified. only asked to draw a demand curve, just draw a demand curve and DO NOT put a supply curve in the graph. asked to draw both a supply and demand curve, you will need to draw both curves. Since this is a graphing assignment, draw your graphs and write labels. 2. For correct labeling and graphing, refer to the file posted on Canvas titled "Supply and Demand Graphing" at Files > Supplements. In addition, refer to your notes for some helpful examples. 3. Draw graphs neatly! Take time to make graphs clear and writing legible. As such, 4. Each graph is worth 2 points, except for question #6, which is worth 3 points. Drawing arrows in the wrong direction or mislabeling will result in only earning partial credit. 5.) Don't forget to label your axes. That's worth some points, too. 1. Draw a supply curve, and assume it is the supply curve for processors. Suppose the price of gold increases. Gold is an input used in the production of processors. Draw what happens to the supply curve for processors. Use arrows and/or labels to clarify where necessary. 2. Draw supply and demand curves for bagels. Assuming that bagels and muffins are substitute goods, draw what would happen if there was a decrease in the price of muffins. Clearly illustrate and label all equilibrium points, prices, and quantities in the bagel market before and after the muffin price change. 3. Draw supply and demand curves. Clearly draw and label an increase in supply. Clearly illustrate and label all equilibrium points, prices, and quantities before and after the increase in supply. 4. A demand curve is given by QD = 500 16P. Draw the demand curve. You don't have to draw to scale. Clearly show what happens on this demand curve when the price falls from $14 to $10. Label all appropriate points, as well as numerical values for prices and quantities. Include arrows to clarify. 5. A demand curve and supply curve are given respectively as follows: QD = 450 2P QS = 10 + 2P Draw both the demand and supply curves, and clearly label the equilibrium as well as numerical values for the equilibrium price and quantity. 6. (Worth 3 points) A demand curve and supply curve for video games are given respectively as follows: QD = 90 3P + 2M QS = 2P Where M represents consumer income. Suppose that last year, consumer income was M = $50. Find the equilibrium price and quantity of video games at that income level. In addition, suppose that this year, consumer income is M = $35. Find the equilibrium price and quantity of video games at this new income level. Draw the graph of both the demand and supply curves before and after the change in income. Clearly label any shifts or movements, as well as all curves and equilibrium points as well as numerical values for the equilibrium prices and quantities.