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Using the attached and assuming P=$34 and Qd=48, depict the original supply S1, the new supply S2, and the original demand D1 on the usual
Using the attached and assuming P=$34 and Qd=48, depict the original supply S1, the new supply S2, and the original demand D1 on the usual P, Q diagram. Label all intercepts (including two intercepts for the demand curve and one intercept for the supply curve). Clearly indicate and label the new market equilibrium.? Graphically indicate the areas of Consumer Surplus (CS2) and Producer Surplus (PS2) that resulted from the new market equilibrium.
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