Consider the following supply and demand diagram for Tootsie Rolls.Note that the market is currently in equilibrium, with a price of P* and a quantity exchanged of Q*. 
For each of the scenarios below, draw a picture that illustrates the impact on price and quantity exchanged.Explain each of your pictures by describing what is happening to the demand side of the market.
(a) The American Association of Chocolate Lovers designates the Tootsie Roll as its official candy.
(b) The Tootsie Roll Company computerizes their Tootsie Roll manufacturing plant, lowering unit costs of production.
Definitions:
Taxed
Subject to a financial charge or levy imposed by a governmental organization on income, transactions, or property.
Additional Shares
Shares issued beyond the initial offering, which can dilute existing ownership percentages but may raise capital for the corporation.
Cash Dividends
Payments made by a company to its shareholders from its profits in the form of cash.
Newly Issued Stock
This refers to shares that a company offers for sale to the public for the first time, outside of the shares already trading on the stock market.
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