1.1. Supply and demand The metal Palladium is used in catalytic converters in automobiles. The figure below shows the price of Palladium since 2005 (source: bffps://www.imf.org/en/Research/commodity:prices ) Palladium price (index) Use supply and demand diagrams to illustrate the effect on the market for Palladium of the following shocks: a) Tighter emissions regulations that lead to catalytic converters being installed in more cars. b) Lower production of cars due to initial responses to Covid-19 pandemic c) Closing of several of the largest Palladium mines due to floods. d) Show the effect of a) and c) occurring at the same time.