1.) In Wyoming on Valentine's Day the price of a red rose is $3 and 10,000 roses are purchased. Draw a diagram with the market outcome for roses for such a normal day. (1point) 2.) In the space below extend your diagram from part 1 to indicate what happens to market equilibrium price and quantity in March as roses lose in popularity after Valentine's day. (1point) 3.) Let's leave V-day behind and move towards government policy. As we saw, after natural disasters prices often skyrocket (for instance, gas prices after hurricanes). To protect consumers from price gouging governments sometimes introduce price ceilings. Draw a diagram that shows a price ceiling below the market equilibrium price. (2 points) In your diagram highlight the consumer surplus and the deadweight loss that result from the price ceiling. (2 points)