Melbourne is well-known to be a dynamic city with numerous cafes. Since you enrolled in BUS5POE, there has been a lockdown in Melbourne and Victoria. Assume that cafes are in perfect competition in Melbourne and the initial market price of a take-out coffee is 5 dollars. Assume that cafes are authorized to open if they want during the lockdown. Provide a graphical representation of this shock and explain how the lockdown will impact:

a.The supply curve of take-out coffees

b.The demand curve of take-out coffees (answer in 70-130 words)

c.The equilibrium in the marketfor take-out coffees (answer in 70-130 words)

You can draw diagrams in MS Word or on paper. In the latter case just make a good quality photo and insert it in this Word file to the relevant question.