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1. Draw the market for ice in Raleigh, NC before Hurricane Fran. (10 points) 2. On the same graph, show how the impact of Hurricane

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1. Draw the market for ice in Raleigh, NC before Hurricane Fran. (10 points) 2. On the same graph, show how the impact of Hurricane Fran affected the market for ice in Raleigh, NC? What was the effect of the change in market conditions on the market clearing price and equilibrium quantity? (20 points) Discuss the role of prices in part b. What information is the price of ice in Raleigh communicating to those wanting to buy ice there? What information is the price of ice in Raleigh communicating to ice suppliers in nearby cities and states? How does the movement of the price for ice influence market clearing? (22.5 points) On the same graph, show how the enforcement of price-gouging laws impacted the market for ice in Raleigh, NC. Explain the effect. (25 points) Discuss the role of prices in part d. What information is the price of ice in Raleigh communicating to those wanting to buy ice there? What information is the price of ice in Raleigh communicating to ice suppliers in nearby cities and states? How does the lack of movement of the price for ice influence market clearing? (22.5 points)

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