Supple/Demand diagram for increase in price of seafood due to BP oil spill?

The BP oil spill disaster has had a catastrophic effect on the fishing industry in the Gulf of Mexico. Analysts are predicting increases in the cost of seafood.

How do I draw the diagram for this particular situation?

One Response to “Supple/Demand diagram for increase in price of seafood due to BP oil spill?”

  1. Manatee Mayhem Says:

    Draw your supply and demand graph. Remember demand slopes down and supply slopes up. You want to show that the price is going to go up. Is the Bo oil spill going to effect supply or demand? It’s wiping out some of the supply so that will cause your demand curve to shift to the left, which shows that the price goes up.