Question: 4. The demand and supply functions for sweatshirts (the basic grey kind) are as follows: Demand Supply Quantity Quantity Demanded Supplied Price (per period) Price

 4. The demand and supply functions for sweatshirts (the basic grey

4. The demand and supply functions for sweatshirts (the basic grey kind) are as follows: Demand Supply Quantity Quantity Demanded Supplied Price (per period) Price (per period) $10 15,000 $10 22,000 15,500 19,000 16,000 16,000 16,500 13,000 17,000 10,000 NWAUO NOD 17,500 7,000 18,000 4,000 18,500 1,000 19,000 0 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

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