Last Name: First Name: Fourstep process to detemiining how an economic event affects equilibrium price and quantity: Draw the initial Supply and Demand curve of Orange Juice Market Severe freeze has once again damaged the Florida orange crop. What happens to the Orange Juice Market equilibrium? 0 Step 1. Draw a demand and supply model before the economic change took place. We will call it \"initial equilibrium\" and label it as \"1\" 0 Step 2. Decide whether the economic change a'ects demand or supply. 0 Step 3. Decide whether the effect causes a curve shift to the right or to the left, and sketch the new curve on the diagram. 0 Step 4. Identify the new equilibrium as \"2" and then compare to the original.-) Find out the change of the price and quantity