Illustrate the following with supply or demand curves:

a. In 2017, the Motiva refinery at Port Arthur, Texas, was forced to shut down due to Hurricane Harvey. It was the largest refinery in the United States. Along with Motiva, other refineries in the area were also shut down, accounting for almost 20 percent of the country’s capacity. Which way would you expect the price of oil to go?

b. A sudden frost during the spring season leads to a large number of cherry trees to lose their flowers. Which way will the price of cherries go?

c. In 2018, the United Kingdom witnessed one of the hottest summers according to the Met Office. The average temperature was 15.8°C (60.4°F), similar to what it was in 1976, 2003, and 2006. With Britain in a prolonged period of heat, mobile air conditioners gained popularity. Which way will the price of air conditioners go?