According to the WSJ article, "Demand for storage space skyrocketed in 2020 as companies raced to position goods for rapid delivery to homes. E-commerce giant Amazon.com, for instance, doubled the size of its fulfillment network in 24 months as its business surged."

Using the same side-by-side diagram you've used when answering Question 1, illustrate the short-run impact of an increase in demand for warehouse space.

• Label any new or shifted curves with subscript 1.
• Label the new short-run equilibrium price P₁, market quantity Q₁, quantity produced by the individual (representative) firm q₁, and representative firm's profit ₁. If any of these cannot be illustrated in the diagram, clearly state their values.