1. During the spring when demand for lobster is relatively low, Maine lobster fishermen are able to sell their lobster catches for about $5.50 per pound. During the summer when demand for lobster is much higher, Maine lobster fishermen are able to sell their lobster catches for only about $4.00 per pound. It may seem strange that the market price is higher when demand is low than when demand is high. Use supply and demand analysis to describe why this situation exists. Illustrate with a graph if you are able to do so.  (Note: you don’t need to know anything about lobster fishing to answer this question.)  Â
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