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5. (16 pts) Consider the market for TVs. In each of the following situations, 1) Sketch a starting equilibrium for the market. Label all parts of the graph. 2) Considering only the change noted, sketch what happens to supply and demand in each case. 3) Describe in words the changes in the equilibrium price and equilibrium quantity. a) Due to a new energy tax, the price of b) An economic expansion increases consumer electricity rises dramatically. incomes substantially. c) A new process is developed for producing d) A pandemic closes movie theaters, and new TVs that reduces the cost of production. video streaming services are launched