Draw a market (i.e., supply and demand) diagram for pearls. …
Draw a market (i.e., supply and demand) diagram for pearls. Make sure you label all axes and lines. Label the equilibrium as point A. In the same diagram, illustrate how an increase in income (pearls are inferior goods) will affect the market supply, demand or both. Illustrate how the equilibrium price and quantity will change. Label the new equilibrium as point B. Submit your answer by clicking on the tab above that uploads a document or photo. This NEEDS to be HAND DRAWN. Computer drawn answers unless previously cleared with me, will get half credit.