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Solve both please. Thanks 6- a) Select a product that you consume and show a hypothetical demand and supplyP schedules for it? b) Draw a

Solve both please. Thanks

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6- a) Select a product that you consume and show a hypothetical demand and supplyP schedules for it? b) Draw a graph of the market for the product selected and mark in the equilibrium price and quantity? c) Suppose that the price of the product is below the equilibrium price. Describe the situation in the product market and explain how the price adjusts? d) Suppose that the price of the product is above the equilibrium price. Describe the situation in the market for the product and explain how the price adjusts? ?-a) Suppose that a war destroys some factories that produce that product (in # 6 above), and the quantityr of the product decreases at each price. b) Explain what happens in the market for your product and illustrate the changes on a graph. c) If at the time the war occurs there is an increase in the population, which increases the quantity of product demanded at each price, what are the new equilibrium price and quantity.F of the product? Illustrate these changes on your graph

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