Part 4: Draw It- Draw the supply and demand for messenger bags. Label the graph and identify the equilibrium price (P ) and quantity (Q=). 15. What will happen to the equilibrium price and quantity of messenger bags if the price of backpacks, a substitute good, significantly decreased. Explain your answer. 16. Assume instead that the cost of the fabric used to make the bags increases. Show what happens on the graph and label the new price (P,) and the new quantity (Q,). Part 5: Make Connections- Complete the following. 17. Think of an event in a popular movie that dramatically increased the price of a good or service. Identify the movie and the good or service and explain why the event caused the price to go up. 18. Think of a real life good or service that experienced a decrease in price. Identify the good or service and explain if the lower price was the result of a change in demand or a change in supply. Part 6: Stretch Your Thinking- Answer the questions regarding a competitive market for pet snakes 19. Why do you think that economists limit the definition of demand to buyers that are "willing and able to pay" for a pet snake rather than just people that "want" a pet snake