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Can you explain the rise in lumber prices and how it relates to microeconomics? What are some examples of microeconomics that we can learn from

Can you explain the rise in lumber prices and how it relates to microeconomics?

What are some examples of microeconomics that we can learn from the current fluctuation in lumber prices?

Using the lumber prices as your subject, explain how supply/demand and equilibrium is affected

Does elasticity play a role in lumber prices?

Please be as detailed as possible and explain the questions using microeconomics terminology

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