4- Show in a diagram the effect on the demand curve, the supply curve, the equilibrium price, and the equilibrium quantity of each of the following events. a) The market for hotel rooms in your town Case 1: The wages of housekeepers go up.

Case 2: A major political convention will be held in your town, attracting many visitors from across the country.

b) The market for Toronto Raptors cotton T-shirts Case 1: The Raptors win the NBA championship.

Case 2: The price of cotton increases.

c) The market for bagels Case 1: People realize that bagels are high in calories and sugar.

Case 2: People have less time to cook breakfast in the morning.

d) The market for the Krugman, Wells, Au, and Parkinson economics textbook Case 1: Your professor makes it required reading for all of their students.

Case 2: Printing costs for textbooks are lowered by the use of synthetic paper.