At the Portland Fish Exchange, each day some amount of cod is brought to market. Supply is inelastic at that amount. How much cod is caught and brought to market varies day to day. Assuming the demand curve does not vary over time, use the supplydemand framework to illustrate how the price is determined on different days. Explain how this process allows us to identify different points on the demand curve. Consider the market for cod illustrated in the gure to the nghL Assume the rst day, the supply of cod is 31. The next day, the supply of cod is 32. 1.) Using the point drawing tool, indicate the market equilibrium price and quantity on the first day. Label this point 'e1 .' 2.) Using the point drawing tool, indicate the market equilibrium price and quantity on the second day. Label this point 'e2.' Carefully foiiow the instructions above, and only draw the required objects. p, $er cod 0, quantity of cod