1. Explain each of the following statements using supply-and-demand diagrams. a. "When a cold snap hits Florida, the price of orange juice rises in supermarkets throughout the country."b. "When the weather turns warm in New England every summer, the price of hotel rooms in Caribbean resorts plummets."c. "When a war breaks out in the Middle East, the price of gasoline rises and the price of a used Cadillac falls."Hints: • Draw both supply and demand curve of each section in one diagram• Show how price changes• 1c – affects 2 markets (Gasoline & Cadillacs – 2 graphs)Using supply-and-demand diagrams, show the effect of the following events on the market for sweatshirts. a. A hurricane in South Carolina damages the cotton crop. b. The price of leather jackets falls. c. All colleges require morning exercise in appropriate attire. d. New knitting machines are invented. Hints: • Draw both supply and demand curve of each section in one diagram• Show how price and quantity changes