1.Rising Price of Milk. In 2007, the price of milk increased by roughly 10 percent while the quantity consumed decreased. Use a supply–demand graph to explain the changes in price and quantity. 2. The...

1.Rising Price of Milk. In 2007, the price of milk increased by roughly 10 percent while the quantity consumed decreased. Use a supply–demand graph to explain the changes in price and quantity.

2. The Price of Summer Cabins. As summer approaches, the equilibrium price of rental cabins increases and the equilibrium quantity of cabins rented increases. Draw a demand and supply graph that explains these changes.