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In each of the two (separate) following situations, list what will happen to the equilibrium price and the equilibrium quantity for the particular product.1*2 =

In each of the two (separate) following situations, list what will happen to the equilibrium price and the equilibrium quantity for the particular product.1*2 = 2 marks

a. The population decreases and productivity increases

b. Income increases and the price of inputs increase

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