Maker's Mark cutting alcohol volume in its bourbon LOUISVILLE, Ky. (AP) — The producer of Maker's Mark bourbon is cutting the amount of alcohol in each bottle to stretch every drop of the famous Kentucky whiskey. The alcohol volume is being lowered from its historic level of 45 percent to 42 percent — or 90 proof to 84 proof. The brand known for its square bottles sealed in red wax has struggled to keep up with demand that more than doubled the past seven years. Distribution has been squeezed and the popular premium brand has had to curtail shipments to some overseas markets. "Over the last 100-plus days, there are many, many instances across lot of different cities where bars, restaurants, package stores have run low, run out," Rob Samuels, chief operating officer for Maker's Mark and grandson of the brand's founder, said Monday. This resulted in consumers purchasing other brands. "Given the surge in demand outstripping supply, what we've decided to do very carefully is to slightly reduce the alcohol volume." The recipe and production process will stay the same, except "a touch more water" will be added when the whiskey comes out of the barrel for bottling, Samuels said. The lower alcohol volume is seen as permanent and will increase available volume by about 6 percent, Samuels said. The change was done only after extensive testing showed it didn't alter the taste of Maker's Mark, he said. Maker's bourbon ages in barrels for at least six summers and no longer than seven years before bottling. One shortcut the bourbon maker refuses to accept, Rob Samuels said, is trimming the aging process, which would increase market supplies. It also won't buy surplus whiskey from other distilleries, he said. Chuck Cowdery, an American whiskey writer and author of "Bourbon, Straight," said "time will tell" how the change sits with the brand's legions of devoted fans in an industry that clings tightly to tradition. "They're banking that this won't be a deal-breaker with their consumers, that there will be a hew and cry for a few days, but sales won't miss a beat," he said in an email. "Are they right? Maker's is in many ways unique, so it's hard to say." Adapted from The Big Story (February 2013)  

Based on Extract 1, explain the impact on the market for bourbon (i.e. demand curve, supply curve, equilibrium price and equilibrium quantity).

1. Extract Impact on Demand curve for Bourbon
2. Impact on Supply curve for Bourbon
3. Impact on equilibrium price
4. Impact on equilibrium quantity