1. A Sweet Problem in Fargo (4 points) Suppose the number of bakeries in Fargo increases signicantly. What is likely to be the effect on the equilibrium price and quantity of bakery cakes in Fargo? Give a verbal analysis and include a well-labeled graph to illustrate. 2. Rent Control in Orange County, Florida (4 points) Apartment dwellers have experienced a 35% increase in median rent since March 2020 in Orlando, FL. Orlando is in Orange County, FL. At the present time, there is a measure on the Orange County, Florida November 2022 ballot to let voters decide whether to impose apartment rent controls. There has been a lot of debate on this ballot issue. Using demand and supply concepts from GBEC 625, briey discuss the possible impacts and tradeoffs of imposing rent control (1; a binding price ceiling on rental rates) in Orange County Florida. Include a well- labeled graph to illustrate your analysis