4. Using both a written explanation and a graph, explain the effect of each of the following on the equilibrium price, P* and the equilibrium quantity, Q*, in a hypothetical market for basketball shoes. Draw a new graph for each question, starting with the original situation each time, and label your graphs completely. A. Basketball shoes become much more popular. (3 points) B. It rains all summer long. (Assume outdoor basketball is popular.) (3 points) C. Wages of shoe factory workers increase. (3 points) D. The prices of leather and cotton fall. (3 points) E. Basketball shoes become much more popular and wages of shoe factory workers increase. (3 points) F. Basketball shoes become much more popular and the prices of leather and cotton fall. (3 points) G. It rains all summer and the prices of leather and cotton decrease. (3 points) H. It rains all summer and theres an increase in wages of shoe factory workers. (3 points)