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Economics

Suppose that the market for some product has a linear downward?sloping demand curve and a linear upward sloping supply curve. Then suppose that the price of a substitute good increases and the price of an input to production also increases.

a. Graph the original demand and supply curves, and the curves after the substitute good and input prices increase.

b. How will the equilibrium price change after the substitute and input prices increase?

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M9497221

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