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Use the supply/demand model explained in Chapter 2 of your textbook to explain how the following changes will change the equilibrium price and quantity in
Use the supply/demand model explained in Chapter 2 of your textbook to explain how the following changes will change the equilibrium price and quantity in the market specified. Be sure to explain why in each case. A. Price and quantity for gas if more consumers buy electric cars (5 marks) B. Price and quantity for houses if interest rates rise (5 marks) C. Price and quantity for cigarettes if an additional tax of $1.00 per pack is imposed by the government (5 marks) D. Price and quantity for coffee if the price of tea falls (5 marks)
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