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Suppose that a late freeze reduces the annual harvest of lemon trees in 2023. Use your knowledge of Supply and Demand to answer the following

Suppose that a late freeze reduces the annual harvest of lemon trees in 2023. Use your knowledge of Supply and Demand to answer the following questions: (hint: assume no panic buying) 1. Will the drought affect the Supply Curve for lemons in 2023? If so, how and why? 2. Will the drought affect the Demand Curve for lemons in 2023? If so, how and why? 3. Based on your analysis of the effects on Supply and/or Demand, what are the resulting effects on the equilibrium Price and Quantity of lemons in 2023

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