Part 3: Please answer the following questions in a word document, Submit the completed exam by uploading the word document via the submission link that is in the Assessment Tab, It is expected that the responses are thorough and thoughtful. Examples should be intertwined as appropriate. 1. Explain each of the following statements and by graphing supply-and-demand diagrams. \"When a cold snap hits Florida, the price of orange juice rises in supermarkets throughout the country.\" o \"When the weather turns warm in New England every summer, the price of hotel rooms in Caribbean resorts plummets.\" \"When a war breaks out in the Middle East, the price of gasoline rises and the price of a used Cadillac falls.\" 2. The market for pizza has the following demand and supply schedules: Price Quantity Demanded Quantity Supplied $4 135 pizzas 26 pizzas $5 104 a3 $6 81 A 81 $7 68 98 $8 D5 110 $9 39 _ 121 1. Graph the demand and supply curves. What is the equilibrium price and quantity in this market? 2. If the actual price in this market were above the equilibrium price, what would drive the market toward equilibrium? 3. If the actual price in this market were below the equilibrium price, what would drive the market toward the equilibrium