Supply and Demand: Suppose that the demand curve for asparagus is P = 15 − 2 × Q and the supply curve for asparagus is P = 3 + 2 × Q. (a) On the graph below, draw the supply and demand curves and show the equilibrium point. Also, find the equilibrium price and quantity (draw them on the graph). (b) Solve for the equilibrium price and quantity. (c) Suppose that there is a drought and the supply of asparagus falls. On the graph below, show how this will effect the equilibrium price and quantity. Explain how the economy will move to the new equilibrium.

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