Illustrate the following with supply and demand curves: in march 2015, hogs in the united states were selling for 81 cents per pound, up from 58 cents per pound a year before. this was due primarily to the fact that supply had decreased during the period. show this change in the figure on the right.

1.) using the point drawing tool, locate the equilibrium point for 2015 in the u. s. hog market. label your point 'e'.

2.) using the line drawingtool, illustrate the change in the u. s. hog market between 2014 and 2015. properly label your line 's2015'. (hint: perform the steps in the order given.) carefully follow the instructions above and only draw the required objects.  

You are the owner of a local honda dealership. unlike other dealerships in the area, you take pride in your “no haggle” sales policy. last year, your dealership earned record profits of $1.5 million. however, according to the local chamber of commerce, your earnings were 10 percent less than either of your competitors. in your market, the price elasticity of demand for midsized honda automobiles is 4.5. in each of the last five years, your dealership has sold more midsized automobiles than any other honda dealership in the nation. this entitled your dealership to an additional 30 percent off the manufacturer’s suggested retail price (msrp) in each year. taking this into account, your marginal cost of a midsized automobile is $11,000. what price should you charge for a midsized automobile if you expect to maintain your record sales?