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ll. (14 points) Analytical Question (Graphical Analysis Required) 'lhe existence of periodic shortages of baby-fonnula this past year has received nationwide attention- To gain a better understanding of this issue, please read the Wall Street Journal article titled \"Flawed System Behind Baby-Formula Shortage\" (May 21, 2022) and answer the questions below. [A hard copy of the article was handed out in class and the article is also posted in Modules in MyCourses] 1. Draw a supply and demand graph depicting the market for baby-fonnula, labeling the price (P) of baby-fonnula on the vertical axis and the quantity (0) of baby-formula along the horizontal axis. Draw a demand curve (D) for baby-fonnula that obeys the law of demand and a supply curve (8) for baby-formula that obeys the law of sup-ply. Label the initial market equilibrium price (P) and quantity (Q) of baby formula and conSIder this the market situation last year (before the shortages of baby formula materialized). 2. Using the Wall Street Journal article as your source, describe at least two (2) factors adversely affecting the supply of baby-tonnula over the past year and show in your graph from question 1 the resulting change in supply. Label your new supply curve 8. Assuming no change\" III the initial equilibrium price of baby-female, explain and show In your graph how this change In supply would be expected to create a shortage ~~ , 3. Using the Wall Street Journal arthe as yOUI source, explain and demonstrate In your graph at least one (1) factor recently changing the demand for lbabyfonnula that also contributed to the shortage. Show" In your graph from questiIOn 2 the change In ' demand and label the new demand curve D' Assuming no change\" In the inihai equilibrium price of baby-female, explain and show In your graph how this change In demand would be expected to enlarge the shortage of bebyfonnula 4. Assuming the price of baby-fonnula' Is free to adjust, explain to words and demonstrate" In your graph the change In the price of babyfonnula that would be expected to eliminate the Shortage you have shown In question 3. Label the new