1. Show using supply and demand analysis and accounting for elasticity: (10 points) a. The effect on the market for fresh lettuce if abundant rainfall allows for a greater yield of the lettuce crop. b. The effect on the market for diamonds if there is an increase in the number of marriage proposals next month. c. The effect on the market for t-shirts if there is an increase in the price of cotton. d. Recently several states (including Illinois) have passed a "junk food tax" on the production of addictive sugary foods and drinks increasing the production cost. e. Hypothetically assume the demand for insulin is perfectly inelastic. Insulin can be commercially produced and one of the steps in that production is a fermentation process of a bacteria that hosts the insulin genetic chain. Typically, scientist use yeast as the medium for this fermentation process. Suppose the government increased the regulations of this process and required that firms only ferment insulin with kefir a significantly more expensive medium than yeast. Graphically show the result of this new regulation in the supply and demand mode