Blue Cow milk is a normal good produced by the Blue Cow corporation. Using clearly labeled Demand and Supply curves, show what will happen to the equilibrium price and quantity of the Blue Cow milk in each of the following situations?

(a) Due to a recession, households that buy Blue Cow milk experience a decrease in income.

(b) The cost of hay used to feed the cows increases significantly.

(c) Blue Cow Corporation buys new machines that reduce the cost of bottling the milk.

(d) Red Cow Corporation, a rival, increases the price of its milk.

(f) Situations (a) and (c) occur at the same time.