The market for lobster is shown in the diagram to the right. Assume that in 2011, 15,000 square miles of lobstering waters off the coast of Maine were closed. 1.) Using the line drawing tool, illustrate the effects of the closure. Properly label this line. 2.) Using the point drawing tool, identify the new equilibrium. Label this point 'B'. Carefully follow the instructions above and only draw the required objects. After the closure of the lobstering waters, at the original equilibrium price of $5.00 per pound, quantity supplied is quantity demanded. This is eliminated as prices -- Price per pound ($) 10.00- 9.00- 8.00- 7.00- 6.00- 5.00- 4.00- 3.00- 2.00- 1.00- 0.00- 0 Market for Lobsters S2011 D 12 24 36 48 60 72 84 96 108 120 132 Pounds of lobsters per year (millions)