Use the following quote from the January 17, 2023, article "The vinyl revival is coming to a crashing halt - but don't blame Taylor Swift" published by techradar.com to answer the following questions.

But after years of meteoric growth - 17 consecutive years, to be precise - sales of vinyl records in the U.S. have stalled. That news comes via Billboard, which, citing data in the U.S. 2022 Luminate Year-End Music Report, notes that vinyl sales in 2022 rose a mere 4.2% over the previous year.

When you compare that figure to sales numbers for the prior two years, with 46.2% and 51.4% year-over-year increases in 2020 and 2021, respectively, it's clear that the vinyl record revival has not just hit the brakes, but skidded off the track. How this impacts future sales of the best turntables is unclear, but another data point from the Luminate report indicates playback hardware isn't even at issue since 50% of consumers who had bought vinyl over the previous 12 months don't even own a record player.

Part 1 (6 points): Draw, and clearly label, the market for vinyl records. Identify equilibrium (E1), as well as the equilibrium price (P1) and quantity (Q1).