Part 2 - 10 Marks The Market for Cars in the US There has been a strong increase in global demand for semiconductors from around Q3 2020 to Q3 2021, which has led to inventory shortages for new and used cars in particular. Your tasks for Part 2 are as follows: Read the following key articles: Hopkins, John L (232]] "Yes, the ictal rakischip shortage is CDV D's fault. No, It won't end any time wann", The Conversation, June Ind, Undercat'st, Dowd (zol] "Five Way Car Shoppean Arm Pea mary" Factor, Saplambar Ith, available Use the demand and supply (D&S) model to demonstrate the change in the market conditions from 03 2020 to Q3 2021 for the new car market and used car market in the US. Use two separate D&S diagrams corresponding to the two markets, and carefully label the curves and clearly indicate all equilibrium prices and quantities. For your price points, use values based on actual data where possible. Use hypothetical values (rough guesses) relying on intuition for quantities. What do you think the price elasticity of demand (PED) might look like for new or used cars in Q3 2021 compared to Q2 2020? In your answer, discuss a key determinant of PED. [400 or so words is the suggested amount for Part 2) [4 marks for diagrams + 6 marks for quality of explanation = 10 marks] Refer to key economic concepts taught in Part D of EZ + E3 in BLAW1002 52 2021, where relevant. Refer to key sentences and ideas from various articles where relevant to support your analysis