Explain how each of the following events affects the marketequilibirium quantityandprice of jeans.Be sure to specify how these events affect the demand or supply curve, if at all. (An example of an answer would be the "supply curve moves down/up andto the right/left, increasing/decreasing the equilbrium quantity and increasing/decreasing equilibriumprice of jeans".)

(1) A new technology becomes available that cuts the time it takes to manufacture a pair of jeans by 50%

(2) The price of cloth (denim) used to make jeans falls

(3) Jeans go out of fashion

(4) The price of a pair of jeans falls

(5) The wage rate paid to workers who make the jeansincreases