Question 3: Assume Khan steel in Afghanistan is producing 1200 tons of steel currently. They...

Question 3: Assume Khan steel in Afghanistan is producing 1200 tons of steel currently. They sell each ton for 1000$. Answer the following questions with graphical representation. (8 Marks)

Suppose Maihan Steel starts operation, and supply steel to the market. What will be the effect on steel market equilibrium? (write your answer in at least 300 words, you will get 2 marks)
The government dedicates an iron ore mine to steel companies for a very little price compared to international prices. How will this impact the steel market equilibrium? (write your answer in at least 300 words, you will get 2 marks)
The peace talks with the Taliban succeeded, and most of the people returned to Afghanistan. As result, the construction services are boasted, how will this affect supply, demand, and prices in the steel market? (write your answer in at least 300 words, you will get 2 marks)
The prices of steel increases because of higher demand for it. As a close substitute of steel, what will happen to the equilibrium in the market of timber, if the previous price of one ton of timber was 600$? As a complement, what will happen to the equilibrium in the market of concrete, if previously the price of one ton of concrete was 900$? (write your answer in at least 300 words, you will get 2 marks)

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Rahul Sunny answered 1 year ago

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