PART I

$(1$ points$)$ Draw by hand the supply and demand graph. Please include all relevant information like the axes labels.

$(1$ point$)$ The original market equilibrium price:

$(1$ point$)$ The original market equilibrium quantity:

PART II

$(1$ points$)$ Draw by hand the supply and demand graph. Please include all relevant information like the axes labels.

$(1$ point$)$ Quantity supplied at $P_{{?}_h\text{i}\text{g}\text{h}\text{:}}$

$(1$ point$)$ Quantity demanded at $P_{-}$high:

$(1$ point$)$ Is there a shortage or a surplus? :

$(1$ points$)$ Draw by hand the supply and demand graph. Please include all relevant information like the axes labels.

$(1$ point$)$ Quantity supplied at $P_{-}$low:

$(1$ point$)$ Quantity demanded at $P_{-}$low:

$(1$ point$)$ Is there a shortage or a surplus? :