What will happen to the equilibrium price

Reference no: EM13177136

Suppose you are studying the market for shoes. Two events take place simultaneously. First, price of leather decreases, and second, consumers' income increases. What will happen to the equilibrium price and equilibrium quantity of shoes? Hint: you need to draw 3 graphs for different amounts of shifts in demand and supply for shoes.

Reference no: EM13177136

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