A new synthetic compound has been developed by scientists that can be used instead of leather in briefcases, furniture, etc. This compound cannot be used in clothing or shoes since body head melts the compound.
a) Draw a supply and demand diagram and explain how this change affects the market for leather. Be sure to specifically state which curve you shifted and why. Also indicate how equilibrium price and quantity have changed. (1 point)
b) How will the changes in (a) affect the market for shoes? Draw a supply and demand diagram for the shoe market and explain how this change affects the market for shoes. Be sure to specifically state which curve you shifted and why. Also indicate how equilibrium price and quantity have changed. (1 point)
c) Given your answer to (b), draw a supply and demand diagram showing the effect on the shoelace market (note: Shoelaces are not made of leather or this new compound). . Be sure to specifically state which curve you shifted and why. Also indicate how equilibrium price and quantity have changed. (1 point)
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