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1. Locate the original equilibrium point, graphically identifying both the original equilibrium price and quantity. Clearly label the equilibrium price as P1 and equilibrium quantity as Q1.
2. Now assume that supply decreases. How is this represented on the graph? Clearly show and label the changes.
3. Locate the new equilibrium point. What happens to the equilibrium price when supply decreases? What happens to the equilibrium quantity? Clearly label the new equilibrium price as P2 and the new equilibrium quantity as Q2.
4. Finally, discuss the idea of price as a rationing device in the context of this example. (Suggested response length: one paragraph or 3 to 4 sentences).
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