Drawing a Graph

Draw the following story on 1 graph:

Imagine that last week the newspaper headline was:

1. A new technology has substantially improved the jam making process.

2. The price of peanut butter, complementary good to jam, has fallen by 20%.

First draw the original supply and demand curves for jam, and show the equilibrium price and quantity. Then add the ˜headlines” to it. What happened to equilibrium quantity and price in your graph? Label your graphs. You may draw your graph freehand, take a picture of it and attach.