II. Predict how each of the following events will affect the market's equilibrium price and quantity of butter. Explain how the event will affect the supply and demand diagram in each case. If necessary, draw a sketch of the diagram. (20pts)

A. A major discovery of new butter is made off in the Philippines.

B. The price of butter falls dramatically.



C. There have recently been some important cost-saving inventions in the technology for making butter.


D. Typhoon Ulysses damaged several factories that make butter, forcing them to close down for several months.