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a ) Let's consider an economy consisting of three people - Rahim, Karim, and Kamal. The table below shows their individual supply. Derive the market
a Let's consider an economy consisting of three people Rahim, Karim, and Kamal. The table below shows their individual supply. Derive the market supply curve.
tableRahimKarim,KamalPrice $Quantity kgPrice $Quantity kgPrice $Quantity kg
b What would be the probable impacts on equilibrium quantity and price for the following events? Hints: Draw an initial equilibrium of each market and then show changes in the market outcome equilibrium price and quantity due to the following events
I. Increasing the cost of rice production show the impact on the rice market.
I. Decreasing the government subsidy on the cotton industry show the impact on the cloth market.
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