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I am not sure where to start with making the graphs for this question... 5) Graphically illustrate and discuss what happens to the statically efficient
I am not sure where to start with making the graphs for this question...
5) Graphically illustrate and discuss what happens to the statically efficient rate of output when there is: a) a technical change in the mode of production, such as new satellite-based resource exploration techniques; b) population or income growth; c) a new substitute technology; d) a change in consumer tastes and preferences away from some dimension of the product, e.g., plastic straws/bottles.
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