3. Consider the market for clothes. Show graphically what happens to equilibrium price and quantity sold when the following happens: cotton prices fall while at the same time consumers' income rises. 4. Consider the market for water bottles. If the FDA releases a statement explaining the health benefits of drinking more water, what will happen to the price of water bottles? Show this graphically and explain briefly if the initial shock is an excess supply or an excess demand. Explain how this excess supply/demand affects the equilibrium price