2. Carefully draw a supply and demand model.
Carefully label all parts of the diagram.
3. Define the market that the supply and demand model represents. Be
4. Using supply and demand diagram, provide an explanation of the event described in the article. Illustrate all changes to supply and/or demand in your diagram.
Importantly, you must provide economic arguments for the changes illustrated in the diagram.
5. Explain the new equilibrium.
6. Comment on the limitations of your supply and demand analysis