Using the model of supply and demand, discuss the effect on equilibrium price and equilibrium quantity of the following situations. Also provide a properly-labeled diagram to support your discussion. NOTE: a "discussion" is approximately one paragraph of written work describing the changes to equilibrium price and quantity. This discussion would make use of the "language" of supply and demand, e.g. use the words "quantity demanded", "demand", "quantity supplied", "supply", increase/decrease in supply/demand, etc. Situation 1: You are examining the market for Music Concerts in a particular city. The units of price are $/ticket and the quantity of tickets is measured in thousands per month. As a starting point, assume the market is initially in equilibrium. Suppose there is a decrease in the average household income, all else equal. What would you expect to happen to the prices and quantities of tickets in this city? Situation 2: You are examining the market for fresh-cut roses. The units of prices are $/stem and the quantity of roses is measured in millions of stems per month. As a starting point assume the market is initially in equilibrium. Suppose now there is an increase in the cost of shipping roses into the market. What would you expect to happen to prices and quantities in the market for roses