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You observe the following limited data on the prices and quantities of soccer balls sold in the US:
a) Is the suspension of exports from Pakistan to the US a supply or a demand shock for the soccer ball market in the US? Is the publication of the study a supply or ademand shock for the soccer ball market in the US? Use a standard supply and demandgraph to depict the effects of the suspension of exports from Pakistan to the US andthe publication of the study on the market for soccer balls (draw one graph for thesuspension of exports from Pakistan to the US and a separate graph for the publicationof the study).
b) Based on the data from the supply and demand shocks, what are the estimated supply and demand elasticities starting from the initial price and quantity?
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