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The graph represents a foreign exchange market and shows the supply and demand for Median Earth's currency. the shilling. The price of a shilling is stated in terms of Normandy's currency, the double-on. The horizontal axis shows the quantityr of shillings that are desired and offered for exchange. The exchange rate in doubloons per shilling is measured on the vertical axis. Answer the questions based on the graph. 51. Suppose the average income of Median Earth's citizens increases by 20% more than the average income of Normandy's citizens. How will this affect the foreign exchange market for shillings (Median Earth's currency}? Move the appropriate curve in the graph to demonstrate this change. 050 F3 ID F3 m h h m o u C [,u D C m c F3 _. Ln Exchange rate (dent-loans per shilling]: O N Ln C n c 005 0.00 Demand for shillings Supply of shillings 10 2E} 30 40 50 60 Quantity of shillings (in lhousands) 7'0 30 90 b. What is the newr equilibrium exchange rate after the change in the foreign exchange market occurs? Enter your answer exactly and do not round: if the new exchange rate is 0.03. make sure you input your answer as 0.03. 1:. After the change in the foreign exchange market. what happens to the value of the doubloon'? The douhloon's value 0 cannot be determined from the given information. Q depreciates. O appreciates. 0 does not change