An article in CNN Business titled , " Get used to high car prices: Auto production isn't returning to normal " , highlighted that overall production of cars around the globe and across the industry was way off in the second quarter of 2020 because of the chip shortage. These chips are important components used to manufacture cars. Using the demand and supply analysis, explain the impact of shortage of chips on the equilibrium price and quantity traded of cars. (Hint: Your answer needs to include (1) rationalfor the change in demand/supply, (2) diagram to show the change in demand/supply and (3) explanation on how the new equilibrium price and quantity is achieved)