On the following graph, shift the demand or supply curve of scenario B in the same direction that you did in scenario A. Scenario B 10 O Demand co Supply Supply PRICE (Dollars) Demand 2 3 5 7 8 9 10 QUANTITY (Pounds of tobacco) In the following table, enter the new price for tobacco under each scenario as a result of the adoption of healthier lifestyles. (Hint: Select the b point (plus symbol) representing the new equilibrium on the previous graphs to see its coordinates.) Original Price New Price Scenario (Dollars per pound) (Dollars per pound) A 5.00 2.50Homework (Ch 07) Demand Co Supply Supply PRICE (Dollars) ! Demand N 2 3 4 5 6 7 8 9 10 QUANTITY (Pounds of tobacco) In the following table, enter the new price for tobacco under each scenario as a result of the adoption of healthier lifestyles. (Hint: Select the black point (plus symbol) representing the new equilibrium on the previous graphs to see its coordinates.) Original Price New Price Scenario (Dollars per pound) ( Dollars per pound) A 5.00 2.50 5.00 4.31 True or False: Because the supply of tobacco is more elastic in scenario A versus scenario B, changes in demand cause more volatile price fluctuations for Malawi under scenario A. O True O False2. Unstable export markets Sometimes the exports of developing nations are concentrated in only one or a few primary products. For example, according to World Bank data, tobacco constitutes 50% of Malawi's total exports. Therefore, changes in demand or supply of tobacco can have significant effects on the health of Malawi's economy. The current world price of tobacco is $5.00 per pound, but there is uncertainty about the shape of the demand and supply curves. The following graphs (scenario A and scenario B) show two possibilities for demand and supply in the market for tobacco. Suppose that an adoption of healthier lifestyles in advanced countries leads to a fall in the global demand for tobacco. On the following graph, shift the demand or supply curve of scenario A to show what happens in the market for tobacco as a result of this event. Note: Select and drag one or both of the curves to the desired position. Curves will snap into position, so if you try to move a curve and it snaps back to its original position, just drag it a little farther. ? Scenario A 10 Supply Demand Supply PRICE (Dollars) Demand N 2 3 5 6 7 8 9 10 QUANTITY (Pounds of tobacco)