1. In each of the following cases, draw the supply and demand curves for the market indicated. Your drawings need not be perfectly to scale. After that, please show how the event indicated would affect the supply and/or demand curves. Clearly indicate the new and old equilibrium prices and quantities. In one sentence please explain your reasoning. A) Market: Bicycles Event: Gasoline prices rise to $6.00 per gallon B) Market: Bicycles Event: Your university trustees vote to establish automobile parking fees of $1.00 per hour C) Market: Bicycles Event: Bicycle assemblers successfully lobby and receive a 50% pay raise D) Market: Bicycles Event: Events in (B) and (C) occur simultaneously E) Market: Automobiles Event: Workers agree to a pay cut for the good of the company F) Market: Bicycles Event: Because of expanded federal regulations, the price of bicycle helmets triples G) Market: Bicycles Event: The president decides that the best use of the budget surplus is to divide it up among the 8 – 20 year olds in the country