In Problem 7 , a fire destroys some factories that produce gum and the quantity of gum
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In Problem 7 , a fire destroys some factories that produce gum and the quantity of gum supplied decreases by 40 million packs a week at each price.
a. Explain what happens in the market for gum and draw a graph to illustrate the changes.
b. At the same time as the fire, the teenage population increases and the quantity of gum demanded increases by 40 million packs a week at each price. What is the new market equilibrium? Show the changes on your graph.
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ANSWER Gum Market After Fire and Population Increase a Fire Destroys Factories Impact This event cau...View the full answer
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