please solve it with graph

Homework 3 1. In the market for automobiles explain how demand responds to (i) an increase in the price of automobiles today and (ii) an expected increase in the future price of automobiles. 2. A study conducted by Yahoo! revealed that chocolate is the most popular flavor of ice cream in America. For each of the following, indicate the possible effects on demand, supply, or both as well as equilibrium price and quantity of chocolate ice cream. a) A severe drought in the Midwest causes dairy farmers to reduce the number of milkproducing cattle in their herds by a third. These dairy farmers supply cream that is used to manufacture chocolate ice cream. b) A new report by the American Medical Association reveals that chocolate does, in fact, have significant health benefits. c) The discovery of cheaper synthetic vanilla flavoring lowers the price of vanilla ice cream. d) New technology for mixing and freezing ice cream lowers manufacturers' costs of producing chocolate ice cream. 3. Show in a diagram the effect on the demand curve, the supply curve, the equilibrium price, and the equilibrium quantity of each of the following events in the market for bagels. a) Case 1: People realize that bagels are high in calories and sugar. b) Case 2: People have less time to cook breakfast in the morning. 4. Wages of bus drivers increase. At the same time, incomes of consumers generally increase. In the market for bus rides, show the impact of these changes on the supply and demand curves. 5. Determine the amount of consumer surplus generated in each of the following situations. a) Ben goes to the clothing store to buy a new T shirt, for which he is willing to pay up to $10. He picks out one he likes with a price tag of exactly $10. When he is paying for it, he learns that the T-shirt has been discounted by 50%. b) After soccer practice, Stephany is willing to pay $2 for a bottle of mineral water. The 7 Eleven sells mineral water for $2.25 per bottle, so she declines to purchase it. 6. Determine the amount of producer surplus generated in each of the following situations. a) Conner lists his old Lionel electric trains on eBay. He sets a minimum acceptable price, known as his reserve price, of \$75. After five days of bidding, the final high bid is exactly \$75. He accepts the bid. b) So-Hee advertises her car for sale in the usedcar section of the student newspaper for $2,000, but she is willing to sell the car for any price higher than $1,500. The best offer she gets is $1,200, which she declines