1. Show the market for potatoes on a graph and show what will happen if there is a drought in Idaho (where a lot of potatoes are grown).

b. On another graph, show what will happen in the market for potatoes if there is a drought in China (where, I presume, a lot of rice is grown).

Note: I am assuming that there is one potato market and it is international. In other words, do not assume that there is a Chinese market and an American market, just one big market. The difference between a drought in China and in Idaho here is only (I'm assuming) that potatoes are grown in Idaho and rice is grown in China. (Assume that no potatoes are grown in China and no rice is grown in Idaho.) This might make you wonder what the drought in China has to do with the potato market. And that, of course, is the point of the question.

Also note: When I say "show what will happen" in a market, I expect to see equilibrium prices and quantities before and after whatever the thing is and arrows to show the direction everything is going. I will probably stop mentioning this every other second in the near future so make sure to commit it to memory.

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