QUESTION 2 Assume that each of the markets below is initially in equilibrium. Then for each market below, suppose that the indicated event occurs. Illustrate the effect of each event in a diagram and show the impact on the equilibrium price and quantity. a. The market for house rental. Mortgages are more difficult to qualify for due to the increase in the housing market price. (4 marks) b. The market for chicken. The parliament has approved to channel the subsidies of chicken feed to suppliers. (4 marks) c. The market for chocolate ice cream. The discovery of synthetics vanilla flavoring has lowered the price of vanilla ice cream. (4 marks) d. The market for an economics textbook. Professor economics at school make it required to all his students to have their textbook in class. (4 marks) e. The market for car. The world steel price has increased due to the shortage of supply. (4 marks)