1. Produce two graphs that are clearly labeled.
3. In the first graph, describe and show a scenario that might lead to a negative demand shock for coffee. Be clear in describing why the shock has an effect on the market and what the predicted effects on quantities and prices are.
5. In the second graph, describe and show a scenario that might lead to a negative supply shock for coffee. Be clear in describing why the shock has an effect on the market and what the predicted effects on quantities and prices are.

(Elasticity and Sellers Revenue)  Graph and Label

1. Suppose the market for Daraprim, a drug used by people with weakened immune systems to fight toxoplasmosis, has a fairly inelastic supply curve. Do you think the demand for Daraprim is elastic or inelastic and why?
2. Draw a clearly-labeled supply and demand graph for Daraprim, minding the likely elasticities of supply and demand. Label the initial equilibrium.
3. Suppose on large supplier cuts production of Daraprim. Show the likely effects of this decision on the graph and label the new equilibrium.
4. What are the effects on quantities, price, and Seller total revenues? What are the effects on public health?
5. Draw a second graph at the initial equilibrium, as in question 4. Now, suppose Congress passes looser regulations for new entrants for produce Daraprim. Show the shock and new equilibrium
6. What are the effects on quantities, price, and Seller total revenues? What are the effects on public health?

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