12. Identify at least three specific factors that help determine how much a buyer is willing and able to pay for a leather jacket. 13. Identify at least three specific factors that help determine how much a seller is willing and able to charge for a leather jacket. 14. If leather jackets are sold in a competitive market, what determines the equilibrium price? Is it buyers, sellers, both, or neither? Explain. Part 4- Draw It- Draw the supply and demand for messenger bags. Label the graph and identify the equilibrium price (P ) and quantity (@). 15. Suppose the cost of the fabric used to make the bags increases. Show what happens on the graph and label the new price (P,) and the new quantity (Q,). 16. Compared to the new price and quantity at P, and Q,, what will happen to the equilibrium price and quantity of messenger bags if the price of backpacks, a substitute good, significantly decreased. Explain your answer. Part 5- Make Connections- Answer the question. 17. Think of an event in a popular movie that dramatically changes the price of a good or service. Identify the movie and the good or service and explain why the event impacted the price