Draw what you think are likely shapes of supply and demand curves for the markets listed below. Explain why you drew the graphs the way you did. Explain the slopes of the curves near the competitive equilibrium in your graphs. Compare the graphs to each other and explain the differences. For each market, use your graph to estimate how the burdens of a small excise tax on the sellers in the market would be distributed between sellers and buyers.
1. The market for t-shirts with designs on them during a normal summer
2. The market for gasoline in New York State during a normal month of February.
3. The market for TV advertising time during a Super Bowl broadcast.