(Solved): 4. Use a simple supply and demand diagram to analyze each of the following scenarios. Explain brief ...

4. Use a simple supply and demand diagram to analyze each of the following scenarios. Explain briefly. Be sure to show how both the equilibrium price and quantity change in each case. a) The economic downtum has led to more people staying home to watch movies, rather than go to a movie theater. Show how this change in behavior affects price and quantities sold in the market for microwave popcorn. b) Suppose that drought conditions in agricultural regions increase the costs of irrigation. How would this affect prices and quantities sold in the market for fruits and vegetables? c) The New York Times recently reported on technological advances leading to an increase in the number of female cows. Female cows are valuable to farmers because they can be used to produce milk. However, while farmers now have more female cows available to produce milk, the farmers are not happy. Use a sunply and demand diagram for the milk market to explain why.