"Turkish Lira Hits Record Low, SpurringExpectations of Rate Rise"from The Wall Street Journalpublished onAugust6, 2020and answers the following questions.

1. Based on the article, show in the figure below the Turkish lira depreciation starting from an initial Turkish lira/dollar exchange rate(E0TL/US$),andassumingNOinterventionfromTurkey's Central Bank. Call the new exchange rate equilibriumE1TL/US$. Briefly explainthe shifts (if any) in the demandANDsupply of dollars.