You have seen supply and demand in action and have practiced predicting how the market for smartphones will change in reaction to different situations. Now lets see how well you transfer that knowledge to a new market. There are four parts to this assignment. Step 1: Choose a good or service and make it the title of your graph. It can be anything of interest to you from haircuts to scooters.a.Assign values along the x and y axis for price and quantity based on the product you chose. Include at least 5 values each for price and quantity. b.Develop hypothetical supply and demand schedules for your good or service. Plot the schedules onto your graph and label the curves with D for demand and S for supply. Step 2: Identify the equilibrium price. a.What would happen if suppliers charge less than the equilibrium price for your good or service? b.What happens if they charge more? c.Include surplus and shortage in your responses.Step 3: Assume a shift for demand and draw a new curve labeled D1 on the same graph. a.What has happened in the market for your good or service in the curve you labeled D1? What happened to the equilibrium price?b.Explain an event that would have resulted in this change.Step 4: Assume a shift for supply and draw a new curve labeled S1 on the same graph. Save the image for submitting. a.What has happened in the market for your good or service in the curve you labeled S1? What happened to the equilibrium price compared with D1?b.Explain an event that would have resulted in this change
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