Last March, right after the Russian invasion of Ukraine, Americans had to endure a high gasoline price, which reached an all-time high of $4.702 on the West Coast1. To put things into perspective, it only costs $3.161 per gallon a year earlieralmost a 50% increase (48.75%). Explain anddraw graphs to show theeffect on gasoline's demand and supply, both in theshort and long-run.