Some of the hottest weather on record caused prices of

Some of the hottest weather on record caused prices of natural gas to soar in July after falling in June. Futures prices for natural gas increased by 48 percent in July and the price of natural gas is more than twice as high as it was a year ago. The heat wave also threatens to drive the cost of other commodities upward. After reading the article, post your responses to all the questions.
1. Draw and label a graph that depicts a downward-sloping demand curve and an upward-sloping supply curve in the market for natural gas. In your chart identify the equilibrium price and quantity of natural gas.
2. From the article: “Natural-gas prices surged this year as demand from utilities, manufacturers and overseas buyers… outpaced supply growth…” Use the graph you drew in question one to show the impact of an increase in demand and an increase in supply that is less than the increase in demand (Supply shift < Demand shift). State whether the net impact of these changes results in (a) an increase or a decrease in the equilibrium price of natural gas; (b) an increase or a decrease in the equilibrium quantity of natural gas. No graph, no points.
3. You are a prominent member of the supply and demand society. You have a grandmaster belt in supply and demand. It’s a one-of-a-kind belt and you are the only one in the world that has it. As a result, the energy industry has asked you to discuss how you would use supply and demand to bring energy prices down. Naturally, you oblige

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