4. Suppose that running DEMAND AND SUPPLY SCHEDULES becomes much more popular. FOR RUNNING SHOES As a result, consumers are (THOUSANDS OF PAIRS PER MONTH) willing and able to purchase Quantity Demanded Quantity 30 thousand more pairs Price Old New Supplied of running shoes at each $70 40 70 100 possible price. The demand and supply schedules to $60 50 80 80 the right show this increase $50 60 g 60 in demand. Draw a graph $40 70 100 40 showing this shift of demand $30 80 110 20 and the unchanged sup- ply for running shoes. What is the new equilibrium price? Explain why the equilibrium price changed from $50