4. Use supply and demand analysis to predict what will happen to price and sales if the following events occur. Be sure to support you answer graphically. Label the initial equilibrium Po, Q0 and the new equilibrium P1, Q1. Explain why demand andfor supply shifts in the direction you indicate. a. Product: Dry cleaning in Needham, MA. Event: Because of the profit potential, at national dry cleaning firm enters Needham and opens several new dry cleaners. b. Product: Fast-food (McDonalds, Burger King, Taco Bell, etc.) Event: The economy moves out of a deep recession and many people who were previously unemployed find jobs. c. Product: Beer. Event: The price of pizza increases. d. Product: Hotel rooms. Event: The Service Employees International Union wins a 20% wage increase for hotel maids. e. Product: Disposable plastic bottles. Event: Environmentalists decry the environmental waste of drinking water from a non- reusable bottle and at the same time the prices of the petrochemicals used to make plastics rise