Consider the market for handmade acoustic guitars. These guitars are usually made in small workshops employing a small number of highly skilled craftspeople. The guitars are made from exotic Brazilian rosewood, which is imported from - you guessed it - Brazil.

a. Suppose that music audiences grow tired of heavy metal, hip-hop, and alternative rock music, and prefer the laid-back sounds of a fine acoustic guitar. Explain the effect of this change in music audiences on:

• The demand for handmade acoustic guitars.
• The supply of handmade acoustic guitars.
• The equilibrium price of handmade acoustic guitars.
• The equilibrium quantity of handmade acoustic guitars.