7. In the market for running shoes, Demand is given by QD = 100-10P, and Supply is given by QS = 10P. a. Solve for P and Q" then show this on a Supply and Demand graph (this does not have to be drawn to scale, but make sure you label all axes, curves, P* and Q"). b. Show how the following events affect the supply curve, the demand curve, P and Q", also explain why (is the event a determinant of supply? Demand? Which determinant?). i. The price of rubber (used to make the soles of running shoes) increases. ii. The price of running shoes increases.

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