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4. Given the changes stated, predict new market equilibrium price and quantity demanded. For each question...

4. Given the changes stated, predict new market equilibrium price and quantity demanded. For each question below, show your answer on a well-labeled supply-demand graph.

(a) Housing Market: Price of lumbers has decreased sharply and, at the same time, mortgage rate has decreased to an all-time low.

(b) Electronics Market: Consumers expect a recession (e.g. a sluggish economy) and, at the same time, electronics product producers become less productive.

(c) Airline Tickets: A long-cold winter is finally over and hotels and resorts are offering big discounts.

(d) Automobile: Trade restrictions limit auto companies’ ability to import auto parts.

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Rahul Sunny answered 1 year ago
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