Please complete the first one, which is related to the response of supply to an increase in demand, by considering and comparing the short- and long-run supply curves (with different elasticities). Compare the equilibrium prices and quantities for both cases.

Then, undertake a similar comparison for demand in the case of an increase in supply, and by showing short- and long-run demand curves with different elasticities.

Draw the graphs on a paper by hand, make your comments, and take a photo or scan and upload under this assignment.