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Supply and Demand: Upload a file (probably a picture of the piece of paper with your work on it) that answers the following question. Assume
Supply and Demand: Upload a file (probably a picture of the piece of paper with your work on it) that answers the following question. Assume that we start in equilibrium and end in equilibrium.
PROBLEM: Assume that milk and fertilizer are complements in production.If the price of fertilizer rises, what will happen in the market for milk?
Your answer must include:
- A graph that shows where the market started before the change and where it ended up after the change.Label the graph completely.
- What happens to the equilibrium price for the product.
- What happens to the equilibrium quantity for the product.
- A brief explanation in words for why the market changes this way.
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