For years, Chinese parents bought imported baby formula because of their concerns about the safety of domestic formula. However, in 2013, a major foreign producer announced that its concentrate might contain botulism. In 2014, the Chinese government yanked production permits for a third of the country’s infant formula manufacturers due to safety concerns. Many worried parents stopped buying any formula. The price of formula rose from 350 to 450 yuan (the Chinese currency). Use a supplyand- demand diagram to explain why the price rose. Show the effect on equilibrium quantity.