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Consider the market for gold. Show graphically and explain using economic intuition under each of the following cases. (Do each case separately.) a) Fearing a
Consider the market for gold. Show graphically and explain using economic intuition under each of the following cases. (Do each case separately.) a) Fearing a financial collapse, more people want to hold gold. b) A labor strike in South Africa greatly reduces gold production. c) New inventions make it cheaper to extract gold from gold mines. d) For part (b), will the change in the price of gold be large or small if the demand for gold is elastic
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