Historic drop in credit card debt amid the corona virus pandemic The Federal Reserve Bank of New York--Aug 31 2020 In the months since the corona virus pandemic hit and sent millions of Americans to shelter at home, credit card debt has fallen fast to unprecedented levels. According to a a report from the Federal Reserve Bank of New York, the second quarter of 2020 saw a staggering $82 billion decline in credit card balances—money that is effectively a short-term loan to the cardholder. This sharp decline in credit card balances comes at a time when consumers are spending less in general and more hesitant to borrow money as unemployment reaches peak highs, leaving many Americans worried about their jobs and income. Reacting to cardholders paying off their balances, credit card issuers have responded with barrage of new credit card products designed to entice consumers to continue their reliance on easy credit. 1A. Draw a market for credit cards denoting initial supply as S1 (representing supply prior to the pandemic) and initial demand as D1 (representing demand prior to the pandemic) and initial interest rate and quantity as r1 and q1 (representing interest rates and quantity before the pandemic). 1B. What precisely does q1 indicate? 2A. Quote a 6-16 word phrase from the article that speaks to a change in demand for credit card expenditures. 2B. Which of the four economic factors is changing demand. 3A. Quote a 6-16 word phrase from the article that speaks to a change in supply for credit cards. 3B. Which of the five economic factors is changing supply.