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2. (18 points) Suppose that the market for wooden number 2 lead pencils is in equilibrium.Determine how the

following shocks will affect the equilibrium price and quantity.Draw a supply and demand diagram to illustrate

each answer. Any curves that shift should be labelled appropriately so that the direction of the shift is apparent.

If no curves shift, indicate 'No Shift' beneath the diagram.

1. Professors require ink on all exams.
2. The price of lead increases.
3. School attendance falls.
4. Environmental legislation restricts lumber harvests.
5. Pencil makers receive a large wage increase.
6. The price of ballpoint pens falls.