Graph representative supply and demand curves for the breakfast cereal market, labeling the current equilibrium price and quantity. Then show the effect on equilibrium price and quantity of each of the following changes (consider each separately):
a. The price of muffins rises, assuming muffins and breakfast cereals are substitutes.
b. The price of wheat, an input to cereal production, rises.
c. Consumers expect that cereal prices will be higher in the future.
d. There is a change in technology that makes production less expensive.
e. New medical reports indicate that eating breakfast is less important than had previously been thought.