The table below shows demand and supply schedules for leather jackets. Market Demand and Supply Schedules for Leather Jackets Quantity Demanded Quantity Supplied Price ($ per jacket) (jackets per year) (D) (jackets per year) (S) $300 70 000 100 000 250 80 000 80 000 200 90 000 60 000 150 100 000 40 000 100 110 000 20 000 a. Draw a graph showing the demand and supply curves D and So, and the asso- ciated equilibrium point. Plot only the two endpoints of each curve. b. What are the equilibrium price and quantity in this market? c. Due to an increase in the number of producers, the annual quantity supplied in this market increases by 60 000 jackets at every price. What will be the new equilibrium price and quantity? d. Draw the new market supply curve (S,) on the graph from part a and indicate the new equilibrium. Plot only the two endpoints of the curve. e. Due to the change in supply conditions, how has the sellers' total revenue changed when compared with the initial equilibrium price and quantity? Is demand elastic, inelastic or unit-elastic in this price range