The demand and supply functions for sweatshirts (the basic grey kind)are as follows:
a.Graph the demand and supply functions for sweatshirts and find the equilibrium price and quantity.
b.What effect will an increase in the price of gym shoes (a complement)have on the equilibrium price and quantity of sweatshirts, all else constant? Illustrate the effect using your graph.
c.What effect will a wage increase for workers in the sweatshirt industry have on the equilibrium price and quantity of sweatshirts, all else constant? Illustrate the effect using your graph.
Definitions:
Pre-
A prefix indicating before, in front of, or prior to.
Deca-
A prefix meaning ten, used in forming terms denoting objects composed of ten parts or units.
Primi-
A prefix meaning "first" used in medical terminology to denote the first occurrence or a primary condition.
Tri-
A prefix meaning three, used in terms referring to three parts or threefold.
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