PLEASE ANSWER!
2a. What is the equilibrium price and quantity for the good on this graph?
2b. Suppose that the good on this graph is a tee shirt. What would happen if the price of the tee shirt rose to $35? Dropped to $5? Please use specific economics terminology to explain your response.
2c. What would happen on this graph if the cottton used to produce the tee shirt became much more expensive? What would be the result for eqilibrium price and quantity?
2d. What would happen on this graph if the tee shirt suddenly became very popular in the fashion industry? What would be the result for eqilibrium price and quantity?