Please provide an answer with a thorough explanation on how you go to your answer and step by step instructions where necessary. Thank you.

1.An unexpected flood sends panicked residents scrambling for sand bags. The paper reports that sand bag prices have skyrocketed to $12 per bag, from only $1.19 last week.

Provide an explanation of this event on the demand and supply for sand bags, by doing the following:

a.Determine whether Demand or Supply will be affected.

b.Name the category of Determinant causing the market to change.

c.Illustrate the changes due to these events in a graph.

d.As you determine a new equilibrium, answer:

i.What is the net effect on quantity demanded and supplied?

ii.What is the effect on price?