Assume computers are sold in a perfectly competitive market with our standard assumptions concerning supply and demand. Assume the market for computers is initially at a position of equilibrium

a. Draw a graph illustrating the initial market for computers, using variables that makes sense in the context of this market (fully label everything and do NOT use abbreviations).

b. Supply chain issues will soon result in an increase in the price of semiconductors (an input used in computer production). Explain how this is likely to affect your market diagram and the market outcome. Include all relevant details.