Application: 1. Use the chart below to answer the following questions. Quantity of Hot Quantity of Hot Surplus/Shortage dogs demanded dogs supplied per per day day 2. Refer to the above information on the hot dog seller in the question 1 to answer the following questions. Determine the effect each of the following developments will have on the business. How will demand or supply change in each case? Draw a small freehand graph to illustrate each change and determine how equilibrium price will be affected. a. A competing vendor on the next corner goes out of business. (Application: 2 Marks) b. The wholesale price of hot dogs falls. (Application: 2 Marks] c. The city experiences a tourist boom. (Application: 2 Marks) d. A new hamburger outlet opens for business on the same street. (Application: 2 Marks) e. The cost of a vendor's license doubles. (Application: 2 Marks)