EC120 Introduction to Microeconomics Homework: Lecture 3 Homework Question 5, 3.3 Study E... HW Score: 21.88%, 1.75 of 8 p III Part 1 of 3 Points: 0 of 1 Early in 2011, the world price of copper reached a record high of over $10,000 per tonne. Two events appeared to lie behind this high price. First, China's rapid economic growth and the massive building of infrastructure. Second, an explosion closed a major Chilean port used for Copper Market shipping a substantial fraction of the world's copper output. Use a demand-and-supply diagram to explain how each event shifts either the demand curve or the supply curve. 1.) Use the line drawing tool to illustrate these events in the copper market in the demand-and-supply diagram to the right. Label your lines properly. 2.) Use the point drawing tool to draw the new equilibrium. Label the new equilibrium point properly. Carefully follow the instructions above, and only draw the required objects. Price . ................mmm. Do Quantity Selected: 4 . Delete Clear none