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10. Stone and brick are substitutes in home construction. Consider the market for bricks depicted in the graph. Suppose the price of stone increases due
10. Stone and brick are substitutes in home construction. Consider the market for bricks depicted in the graph. Suppose the price of stone increases due to new regulations for the stone quarrying industry. Figure 1 Pricebr D Q Quantity br a) Illustrate in a graph (i.e. draw by hand and take a photo using your phone or draw using Microsoft Paint, and copy and paste/insert the image file into this Word document below) the impact this will have on the market for bricks. b) Now suppose that, after a widely publicized showing of a TV program celebrating home improvement of old brick houses, many families have decided to remodel their homes with a brick facade. Illustrate in a graph the impact this will have on the market for bricks
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