Please try to do at least 10 statements for each question and show graphs if necessary.

2. In an analysis of the market for camping equipment, an economist discovers the facts listed below. State whether each of these changes will affect supply or demand, and in what direction. What would happen to equilibrium price and quantity? a. There have recently been some important cost-saving inventions in the technology for making camping equipment. b. Camping equipment is lasting longer, so that owners need not replace them as often. c. Government raises the price for camping permit. d. The hailstorms damaged several factories that make camping equipment, forcing them to close down for several months. 3. Businesses in the ice cream market are currently earning zero economic prots. A heat wave strikes and demand for ice cream skyrockets, so a shortage develops, driving up ice cream prices. Using economic prots as the key, explain all the choices using a demand and supply graph that will be made before the ice cream market once again returns to long-run market equilibrium with zero economic prots