2. Use arrows to describe an increase or decrease in equilibrium quantity (Qe) and equilibrium price (Pe) in the middle columns given the "events" described for the following markets. If the resulting impact on price or quantity cannot be determined, use a question mark in place of arrows. In the last column, describe whether the event affects the supply-side, the demand-side of the market or both sides of the market. 1. Oranges An unexpected freeze destroys 1. Pencils The price of wood is increasedand 1. Autos An decrease in the price ofgasoline 1. Housing in Hurricane Katrina happens: 1. Restaurant The government mandates a10%

Fig: 1

Fig: 2

Fig: 3

Fig: 4

Fig: 5

Fig: 6