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Equilibrium price and quantity of the market

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Reference no: EM131665606

State in words and show with a graph the effect of the following events on equilibrium price and quantity of the market given.

a. Beetle infestation decimates tobacco crop. Market: cigars.

b. Income in the US increases by 10%. Market: (Easy Mac, which is an inferior good)

c. Hurricanes in the Gulf coast cause gasoline supply disruptions.  Market: gasoline.

Reference no: EM131665606

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