Dr. Jolibois 4/08/24 Interaction of supply and demand LO: How does a change in demand and supply affect the equilibrium price? Do Now: Study the cartoon below, then address the question This cartoon appeared in the Fort Worth Star-Telegram. The cartoon depicts two professors (Professor Snow and an unnamed man) standing in a hallway while students are entering a classroom. The class being taught is Economics 1A with Professor Snow. Professor Snow is holding a newspaper with the headline, "Auto sales down, auto prices increase." ECONOMICS 1A .:. PROF. SNOW 2 P.M. ALES DOWN AUT AUTO PRICES INCREASE PROF SNOW ETTA HULME "TODAY I'M SUPPOSED TO EXPLAIN THE LAW OF SUPPLY AND DEMAND" 1. How does this cartoon explain the concept of supply and demand? 2. Imagine that the auto market was in equilibrium, what factors other than price that can cause a decrease in demand and an increase in auto price to go up? 3. Illustrate the change expressed in the cartoon above graphically