4 Suppose that the following events occur one at a time: (i) The price of airfares halve....
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4 Suppose that the following events occur one at a time: (i) The price of airfares halve. (ii) The price of beef falls. (iii) A cheap, strong cloth, a close substitute for leather, is invented. (iv) A new high-speed technology for cutting leather is invented. Which of these events will increase or decrease (state which): a The demand for leather bags? b The supply of leather bags? c The quantity of leather bags demanded? d The quantity of leather bags supplied?
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