In an analysis of the market for paint, an economist discovers the facts listed

below. State whether each of these changes will affect supply or demand, and in

what direction. Show the change in direction with the help of graphs for each fact

separately.

a. There have recently been some important cost-saving inventions in the

technology for making paint.

b. Paint is lasting longer, so that property owners need not repaint as often.

c. Because of severe hailstorms, many people need to repaint now.

d. The hailstorms damaged several factories that make paint, forcing them to

close down for several months.