A new technology reduces the time it takes to make a pair of khaki pants. The price of the cloth used to make khaki pants falls. The wage rate paid to garment workers increases. The price of jeans...

• A new technology reduces the time it takes to make a pair of khaki pants.


• The price of the cloth used to make khaki pants falls.


• The wage rate paid to garment workers increases.


• The price of jeans increases.


• People's incomes increase.

Assignment

Draw a demand-supply graph and label the axes with the price and quantity of khaki pants.

Create one graph that shows each of the demand-supply curves for the five scenarios listed Above

• Use five different colors to represent each of the five scenarios.


• Clearly identify your finished graph.