2) The oil price shocks of the 1970's had large impacts on production in New Zealand. The price of crude oil rose by as much as six times in the Space of a few days. Not only did this raise the price of petrol 7 but it also had many more implications. Oil is a vital resource for the production of many goods and services, including raw materials and freight. Let us consider the effects on the market for steel manufacturing in New Zealand. a) Draw the market for steel manufacturing in New Zealand at equilibrium, labelling all the appropriate points. Now, show the effect of an oil price shock on the market, clearly labelling the new equilibrium price and quantity. b) This pattern was repeated in many goods and services in New Zealand, including retail and manufactured goods. What effect do you think this had on the cost of living in New Zealand at that time