Asparagus is an identified good, draw a graph of both the supply and demand curves that depsicts its market equilibrium. From the original graph, describe the effects on the supply and demand (shift left or right) that would cause the following changes to the original market--
1-a new market equilibrium that increases both price and quantity
2-a new market equilibrium that decreases both price and quantity
3-a new market equilibrium that increases price but decreases quantity
4-a new market equilibrium that decreases price but increases quantity
For each situation explain what might have led to the effects and use relevant economic concept to do so.