Part V (14 pts. total) 2. Use supply and demand graphs to illustrate the effects of the taxi medallion system of occupational licensing quotas in New York City since 1937, with increasing population and demand over the years. [Use carefully drawn brackets, labels, and arrows to show the effect on different groups of people. Write clearly and neatly for full credit and use the back of the paper if you need more space] A. (4 points) Product: Taxis in NYC B. (4 points) List 2 differences Situation: The medallion occupa between the taxi services in New York City & Wash DC. tional licensing system is established [Show the effect on different groups] New York: 1) | | 2) | | | | | Washington DC: | | 1) | l 2) 3. List and carefully explain the most signicant classications of winners and losers as a result of this medallion system. (6 points) A. Losers: For each case, carefully explain why: 1) 1) 2) 2) 3) 3) B. Winners: 1) l)