Supply and Demand: Upload a file (probably a picture of the piece of paper with your work on it) that answers the following question. Assume that we start in equilibrium and end in equilibrium.

PROBLEM: If used clothing is an inferior good, what will happen in the market for used clothing when incomes fall?

Your answer must include:

1. A graph that shows where the market started before the change and where it ended up after the change.Label the graph completely.
2. What happens to the equilibrium price for the product.
3. What happens to the equilibrium quantity for the product.
4. A brief explanation in words for why the market changes this way.