2. Using demand-to-buy or supply-to-sell schedules, explain and illustrate the effect of the following events on the equilibrium price and quantity traded of Fairchild Corporation's stock.

a. Fairchild officials announce that next year's earnings are expected to be significantly higher than analysts had previously forecast.

b. A wealthy shareholder initiates a large secondary offering of Fairchild stock.

c. Another company, quite similar to Fairchild in all respects except for being privately held, decides to offer its outstanding shares for sale to the public.