Predict and graph how each of the following events would affect theequilibrium price and equilibrium quantity in the immediate short run. Please, make a table (predict and graph) for each event.

EVENT 1:The price of a machine that is used to produce steel has decreased. How would this event affect theequilibrium price and equilibrium quantity of steel in the immediate short run?

EVENT 2:The government imposed a tax increase to the producers of coal in West Virginia. How would this event affect the equilibrium price and equilibrium quantity of coal in the immediate short run?