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1- What impact do policy interventions have on a product's supply and demand equilibrium? Provide specific examples from the simulation to illustrate. 2- What are
1- What impact do policy interventions have on a product's supply and demand equilibrium? Provide specific examples from the simulation to illustrate.
2- What are the determinants of price elasticity of demand? Identify at least three examples. Explain how price elasticity can impact pricing decisions and the firm's total revenue.
3- What policy intervention can cause a change in consumer or producer surplus? Explain why using specific reasoning.
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