In Chapter 5, we examined how changes in demand and supply can affect the equilibrium price and equilibrium quantity in a competitive market. For example, we discussed how an increase in population growth in Waterloo is affecting demand in the rental market for one-bedroom apartments and how this is driving up rents. We also discussed how the recent increase in Ontario's minimum wage is affecting supply in the Waterloo market for fast-food meals and how this is increasing fast-food prices. Now it's your turn to think of examples. Following the same formatting rules as Assignment #1, provide one example of a change in demand and one example of a change in supply that caused the equilibrium price to change in a market that affected you in your own life. In your discussion make sure you describe: (i) whether demand/supply (depending on which example you're discussing) increased or decreased; (ii) what factors led to the increase or decrease (remember the six factors that cause demand to shift in Chapter 2 and the five factors that cause supply to shift in Chapter 3); (iii) and whether the change in demand/supply caused the equilibrium price or equilibrium quantity to increase/decrease. You might also discuss whether the effect of the shift in demand/supply primarily affected the equilibrium price or equilibrium quantity and how the elasticity of demand/supply influenced this differential effect. For example, recall in the one-bedroom apartment rental market example that because supply is highly inelastic due to the high costs of obtaining rezoning approvals, we believe the effect of the demand increase to primarily affect the equilibrium price and have little effect on the equilibrium quantity. You don't need to provide graphs showing the demand/supply shifts, but you will want to draw these graphs on your own to make sure that the direction of the equilibrium price and quantity changes you are describing in your writing make sense. At a minimum you need to provide one example of a change in demand and one example of a change in supply, but you can provide more in order to fill a full page with writing. Do not write more than one page. Please make sure all your writing fits on one page. As with Assignment #1, your one-page explanation should be single-spaced (no more than 6 lines of type per inch) on a 8 " x 11" (216 mm x 279 mm) page with margins set at a minimum of 3/4" (1.87 cm) using 11-point Calibri font. Write using complete paragraphs and sentences. Do not write in point form.