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Using the traditional supply and demand model, what happens in the market for X, if the price of Y, a substitute for X, goes down,
Using the traditional supply and demand model, what happens in the market for X, if the price of Y, a substitute for X, goes down, and the price of Z, an input used in production of X, increases? Equilibrium quantity decreases Equilibrium quantity is indeterminate Equilibrium price is indeterminate Equilibrium quantity increases Equilibrium price increases Equilibrium price decreases I chose option 4 and 6, but these appear to be incorrect. How does Z affect this answer? Please give a reference if possible for this
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