The price for palladium has increased 80% from the beginning of 2022 to March 7, 2022. Use the article below to conduct a supply and demand analysis. Do not include other research. a) Conduct a supply and demand analysis for the palladium market from the beginning of 2022 to March 7, 2022 to demonstrate how the price changed. All graphs for supply and demand show price on the vertical axis and quantity (e.g., pound, ton, dozen, count, etc.) on the horizontal axis. Title the vertical axis. Title the horizontal axis. Title your graph. The intersection of supply and demand is the market price. You will have a price of palladium at the beginning of 2022 and a price for palladium on March 7. The quantity sold of palladium is not given in the article. If price changed, one or both of the curves must have shifted. b) Write a professional narrative which explains your graph to the reader. If you shift supply and/or demand, you must explain why it moved. For example, it is not acceptable to say, demand shifted to the left because demand decreased. That is not an explanation. We would need to know what factors in the market caused the decrease in demand. c) Create a neat graph. A professional narrative includes complete sentences, correct spelling and punctuation, and correct use of economic terms.

Article:

Palladium propelled to record highs LONDON, March 7 (Reuters) - Palladium prices have rocketed 80% this year to all-time highs as financial sanctions on Russia, which produces 25-30% of global supply, disrupt shipments and worsen a supply shortage. Palladium is used by automakers in engine exhausts to reduce emissions. U.S. new car sales in 2022 are expected to rise to 15.47 million vehicles from 15.07 million in 2021. Palladium surged to $3,440.76 an ounce on Monday, surpassing 2021's record of $3,017.18 an ounce. Prices have shot to a record high. Other Russian- produced resources including oil, wheat, aluminum, and nickel have also spiked as sanctions imposed by countries including the United States and the European Union prompt many banks and shippers to stop handling Russian goods. The closure of much of Europe to flights from Russia has also complicated airborne transport of palladium. "I expect prices to go much higher still," said Commerzbank analyst Daniel Briesemann. With worsening conflict in Ukraine raising the risk of more sanctions, "the sky is the limit," he added. Inventories of palladium are already drawn down by years of undersupply caused by tightening regulations that forced auto makers to embed larger amounts of metal in gasoline-engine exhaust pipes to neutralize emissions.