Draw supply and/or demand diagrams to illustrate how each of the following events would affect the market for wood.In each case show the original price and quantity (P_oand Q_o) and the new price and quantity (P₁and Q₁).

1.A decrease in the quantity demanded

2.In an attempt to reduce fire hazards, several American cities adopt regulations that restrict the use of wood products in the construction of houses.

3.The government of BC takes steps to preserve more old growth forest.

4.Forestry research leads to the development of new methods of cheaply producing high yields of wood from forest plantations.

5.New non-wood building products (such as vinyl siding and particle boards made from rice hulls) are developed and improved.