Question 4 l[Carefully explain what is happening in the follpwing markets. Indicate the impact if any on demand, supply, price and quantityr Scenario 1: Market for 21 ft Ladders Change in price uncertain Change in quantity uncertain Decrease equilibrium price Increase equilibrium quantity Increase towards equilibrium No Impact Decrease towards equilibrium Excess supply Increase equilibrium price Decrease equilibrium quantity Shift Inwards / to left Shift outwards / to right Excess demandCarefully explain what is happening in the following markets. Indicate the impact if any on demand, supply, price and quantity Scenario 2: Market for Box Fans WHERE ARE I'M SORRY, WE'VE WE'RE IN THE MIDDLE OF A YOUR BOX FANS? SOLD OUT OF THEM. 100-DEGREE HEAT WAVE! HOW COULD YOU SELL OUT OF FANS?! 8/28 Dist. by King Features Syndicate, Inc. Z 2010 Norman FeuteDecrease equilibrium quantity Change in quantity uncertain Decrease equilibrium price No Impact Excess demand Decrease towards equilibrium Increase equilibrium quantity Excess supply Change in price uncertain Shift Inwards / to left Shift outwards / to right Increase equilibrium price Increase towards equilibriumCarefully explain what is happening in the following markets. Indicate the impact if any on demand, supply, price and quantity Scenario 3: Market for lemonade Excess demand Increase equilibrium quantity Excess supply Decrease towards equilibrium Increase towards equilibrium No Impact Change in quantity uncertain Change in price uncertain Decrease equilibrium price Decrease equilibrium quantity Increase equilibrium price Shift Inwards / to left Shift outwards / to right