1. Explain what would happen in the following markets given the following demand or supply shocks. In your answer clearly state what happened to supply or demand (whether it increased or decreased) and what would likely happen to the equilibrium price and quantity as a result, other factors constant.

1. Market: Grapes.Shock: A major scientific study suggests that individuals who regularly consume grapes live on average five years longer and have a reduced risk of Alzheimer's disease.

1. Market: Electric vehicles. Shock:Due to the recently enacted CHIPS Act, there is a significant decrease in the price of U.S. semiconductors, which are used as an input in the production of electric vehicles.

1. Market: In home exercise equipment. Shock: Due to the waning concerns around the COVID-19 pandemic and loosening restrictions, U.S. consumers go back to gyms and public recreational centers.

1. Market: U.S. Cotton.Shock: There is a significant drought in the Southwestern U.S., where the majority of U.S. cotton is grown.