Extra Credit (#GEA2) This short essay assignment is for extra credit. Complete this assignment only if you are interested in extra credit toward the Final Paper #GEA1. Economics: Supply and Demand USF issues parking permits to allow students to park on campus. The price of the permit is set by college administrators at their discretion, they do not consider market conditions. At the current price, some students complain that there aren't enough spaces for them to park. Address the following three points in a short essay: . Describe this situation in economic terms and describe what this implies about the market equilibrium and the price of a parking permit. . Should the price of a parking permit be raised or lowered to fix this problem? Why? Explain. . Use the supply and demand model to describe how a graph of the market for parking permits would be affected by a change in price. You must include a graph and reference/ describe the graph in your essay. The body of the text (NO header/footers/by lines, separate - graph/bibliography page) must be at least 2 full paragraphs (no more than 3 paragraphs). double-spaced, 1" margins, and size 12 Times New Roman FONT. File type must be doc OR docx. If included, title/title page is not included in page count. requirement. Graphs, tables, figures, images, and references page should be included at the end of the text and are NOT to be included in the paragraph length If appropriate, only use in-line citations with the author and the year in parentheses at the end of the sentence; do not include citations in the footers. The full citation should be given on the bibliography page only. Submit your assignment using Turnitin under assignments #GEA2