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Illustrate the following with supply and/or demand curves K Market for Alfalfa In Joseph Heller's iconic novel, Catch 22, one of the 5.00- characters was paid by the government to not grow 4 50- alfalfa. According to the story's narrator, "The more alfalfa he did not grow, the more money the government gave him, and he spent every penny he didn't earn on new land to increase the amount of alfalfa he did not produce." So 1.) Using the line drawing tool, illustrate the effect of this shock on the supply or demand curve. Label Price per.unit ($) your line 'Shock' 2.) Using the point drawing tool, locate the new equilibrium point Label your point 'E' Carefully follow the instructions above and only draw the required objects From 2007 to 2014, median income in the United States fell by 8%, shifting the demand for gasoline Do During that same time period, crude oil prices fell 35%, shifting the supply of gasoline. At the new equilibrium, the quantity of gasoline sold is less than it was before. (Crude oil is used to 0.00- produce gasoline ) 0 10 20 30 40 50 60 70 80 90 100 Quantity 1.) Using the line drawing tool, illustrate the effect of this shock on the supply and/or demand curves 2) Using the point drawing tool, locate the new equilibrium point Label your point 'E' Market for Gasoline 5 00 Carefully follow the instructions above and only draw the required objects 4 50 4 00- 3 50 S2007 3 00 2 50 Selected: Delete Clear ? none Time Remaining: 00:40:34 Next