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dearly label allI graphical elements amtI changes in your graphs. Assume that {i} coWs milk and organic fertilizer {i.e., the manure produced by dairy cows} are joint products in production and independent in consumption. Also, assume that {ii} cow's milk and almond milk are substitutes in consumption, but independent in production, and that {iii} organic fertilizer [manure] and almond milk are independent in both consumption and production {i.e., fertilizer demand and supply do not change when the price of almond milk changes}. Suppose that the price of almond milk decreases. Illustrate and explain the resulting effects on the market equilibrium price and quantity in both the milk market and the organic fertilizerimanure) market. Specically: 5!II b) illustrate and explain the effects of the decrease in the price of almond milk in the cow's milk market. In particular, illustrate the change in demand or supply and the resulting quantity demanded, (1", and quantity supplied, ('1', at the initial market equilibrium price of com/s milk, Pn', and the shortage or surplus that develops in the cow? 5 milk market at Pn*. Explain the adjustment process to the new market equilibrium price and quantity. Finally, illustrate and label the resulting change in producer surplus, APE, in the con-(s milk market. Given the changes in the coWs milk market, illustrate and explain the subsequent effects in the fertilizer [manure] market. In particular, illustrate the change in demand or supply and the resulting quantity demanded, Q\