From March 2022 to October 2022, the price of aluminum declined by 36 percent. During that same period, the demand for water bottles made using aluminum increased.

a. Draw a demand and supply graph illustrating the effect of these factors on the market for aluminum water bottles.

Be sure to indicate (1) the equilibrium price and quantity before and the equilibrium price and quantity after the decrease in the price of aluminum, and (2) the increase in demand for aluminum water bottles.

b. Can you be sure whether the equilibrium price of aluminum water bottles increased or decreased as a result of these factors? Briefly explain.

c. Can you be sure whether the equilibrium quantity of aluminum water bottles increased or decreased as a result of these factors? Briefly explain.