In this chapter, we explored how prices tie all goods together. To illustrate this idea, suppose new
Question:
a. Given this change, how would the price of wheat change?
b. Given your answer in question a, how would the price of cookbooks specializing in recipes using wheat flour change?
c. Given your answer in question b, how would the price of paper change?
d. Given your answer in question c, how would the price of pencils change?
e. Given your answer in question d, how would the quantity of graphite (used in pencils) consumed change?
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a Fall because supply would shift to the right b Increas...View the full answer
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