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Will Shakespeare is a struggling playwright in sixteenthcentury London. As the price he receives for writing a play increases, he is willing to write more
Will Shakespeare is a struggling playwright in sixteenthcentury London. As the price he receives for writing a play increases, he is willing to write more plays. For the following situations, use a diagram to illustrate how each event affects the equilibrium price and quantity in the market for Shakespeare's plays. a. The playwright Nick Bottom, Shakespeare's chief rival, is killed in a bar brawl. b. The bubonic plague, a deadly infectious disease, breaks out in London. c. A Soothsayer had a vision in which he imagines Will's future plays for him, making it easier to write plays (it's hard to be the Bardl). Since Shakespeare already knows what his plays are about, it is easier to write them. d. Both the Soothsayer's visions and the plague happen at the same time. Please solve all
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