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6. Consider the market for Feisty Pets, one of my family's favorite annual Christmas gifts. a) If the market demand is given by QD (P)
6. Consider the market for Feisty Pets, one of my family's favorite annual Christmas gifts. a) If the market demand is given by QD (P) = 100 - 2P and market supply is given by Qs(P) = 20 + 2P. Find the equilibrium market price and quantity sold. b) Depict this US market for Feisty Pets graphically using the model of supply and demand. Fully label your graph, including the y-intercept and the equilibrium price and quantity. What would happen to this market if (i) backups and delays in global supply chains mean that some manufacturers of Feisty Pets decide to not ship their toys to the US (they are manufactured abroad) while at the same time, (ii) increases in the child tax credit boost incomes for millions of US households leading up to Christmas? Illustrate graphically, discuss, and conclude
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