b. Explain and illustrate each of the following statements using supply-and- demand diagrams. Show the impact on equilibrium price and quantity. 1, 111 Laptops - There is increased access to wireless technology and lighter weight products are available. Microchips a component of laptops are cheaper as new technology has come online. Lychee - Production in Canada totalled 1.5 million barrels in 2018, a 40 percent increase from 2017. Demand increased by even more than supply, over the same period. Gasoline - The price of sedans rises and electric cars have become more popular Wool coats: New knitting machines are invented and insect infestation destroys most of the cotton crop in Canada