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In: Economics

(a) Wheat and oats, which are both used to make cereal (hence they are substitutes), are...

(a) Wheat and oats, which are both used to make cereal (hence they are
substitutes), are grown in the Prairies. What would happen to supply and demand of oats if the price of
wheat were to rise? Explain your solution. (2+2)
(b) Present a properly labelled graphical presentation of the above situation. You may support the
graphical representation with the explanation of the graph to clearly explain the scenario.

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Expert Solution

Rahul Sunny answered 2 years ago
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