Concept of supply and demand with graphical analysis

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Reference no: EM1315276

Assume that the Illinois Turnpike Authority lowered the speed limit on I-90 to 60 mph from the present 75 mph.  In addition, assume that the new speed limit will be vigorously enforced by the Illinois Highway Patrol. Using a supply and demand graph, make one shift of wither the supply or demand curve to illustrate the likely result of this action.

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