Question: - ZOOM + Assume we experience a much lower than average number of mosquitoes in Oklahoma this fall. Show the changes thatwill occur in the

- ZOOM + Assume we experience a much lower than average number of mosquitoes in Oklahoma this fall. Show the changes thatwill occur in the market for mosquito repellent as a result of this decreased mosquito population. 1. Draw supply and demand curves below (supply as Q, demand as Q"). Label the vertical and horizontal axes as well as the initial equilibrium price and quantity (P.*, Q.*). 2. On your drawing below, show the change to one of the curves based on the scenario described above (a muchlower than average number of mosquitoes). Label this new curve "A". Mosquito Repellent Market 3. What happens to the equilibrium price and quantity in the market after the change in question 2? Be sure to label the equilibrium price and quantity after the change (P1*, Q1*). Now assume the cost of DEET, an input to mosquito repellent production, has increased substantially. 4. Assume the impact of the increased DEET cost has a much larger effect than the change described in part 2.Show this change on the graph above, label this curve "B" 5. What happens to the equilibrium price and quantity in the market after the change in question 4? Be sure tolabel the equilibrium price and quantity (Pz*, Qz*)

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