4. Use a simple supply and demand diagram to analyze each of the following scenarios.Explain briefly.Be sure to show how both the equilibrium price and quantity change in each case.

a)The New York Times recently reported on technological advances leading to an increase in the number of female cows.Female cows are valuable to farmers because they can be used to produce milk.However, while farmers now have more female cows available to produce milk, the farmers are not happy.Use a supply and demand diagram for the milk market to explain why.