4. Consider the market for oranges. At a price of$2 per pound, quantity demanded is 1,000 pounds per day. a) Draw a demand curve for oranges, assuming it is downward-sloping. b) Suppose producers are willing to supply 1,800 pounds of oranges at $2 per pound. Draw the supply curve for oranges on the same graph as part a), assuming it is upward-sloping. c] Is the equilibrium price above, below, or equal to $2? In other words, is this market in a surplus, shortage, or at equilibrium? (1) Suppose the market is now in equilibrium. A drought in the California shuts down several orange producers. Draw the effect on the graph. What happened to the equilibrium price? What about the equilibrium quantity? e] After the California drought, the price of apples increases. Assuming apples are a substitute for oranges, draw this effect on the graph. What happens to the equilibrium price after the drought and the price of apples increases