Predict and graph how each of the following events would affect the equilibrium price and equilibrium quantity
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Question:
Predict and graph how each of the following events would affect theequilibrium price and equilibrium quantity in the immediate short run. Please, make a table (predict and graph) for each event.
EVENT 1:The price of a machine that is used to produce steel has decreased. How would this event affect theequilibrium price and equilibrium quantity of steel in the immediate short run?
EVENT 2:The government imposed a tax increase to the producers of coal in West Virginia. How would this event affect the equilibrium price and equilibrium quantity of coal in the immediate short run?
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