Supply and Demand

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 arent enough spaces for them to park. Address the following three points in a short essay: Describe this situation in economic terms learned in this course 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 graphical model to describe how 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. 
This is a short essay, which should include a graph and bibliography page. The body of the text (DO NOT use header/footers/by lines on pages with text) must be at least 2 full paragraphs (no more than 3 paragraphs), double-spaced, 1″ margins, and size 12 Arial FONT. File type must be .pdf (RECOMMENDED), OR .doc OR .docx. No other file types are supported, especially not .pages or Google docs. Graphs, tables, figures, images, and bibliography page MUST be included at the end of the text and are NOT to be included in the paragraph length requirement. If included, title/title page is not included in page count. This is a short essay and therefore should be entirely of your own words and thoughts, do not quote sources. Everyone should use the textbook but beyond that, outside references are not required for this assignment. At a minimum the bibliography page must include the textbook citation.