Suppose that the market for wooden Number 2 lead pencils is in equilibrium. Determine how the following

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Suppose that the market for wooden Number 2 lead pencils is in equilibrium. Determine how the following shocks will affect the equilibrium price and quantity. Draw a graph to illustrate each of your answers.

a. Professors begin to require ink on all exams.

b. The price of lead increases.

c. School attendance falls.

d. Legislation restricts lumber harvests.

e. Pencil makers receive a large wage increase.

f. The price of ballpoint pens falls.

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Economics An Introduction To Traditional And Progressive Views

ISBN: 9780765616685

7th Edition

Authors: Howard J. Sherman, E. K. Hunt, Reynold F. Nesiba, Phillip A. O'Hara, Barbara A. Wiens-Tuers

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Question Posted: Nov 08, 2023 03:07 AM

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Suppose that the market for wooden Number 2 lead pencils is in equilibrium. Determine how the following

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a Professors begin to require ink on all exams Impact This change would likely decrease the demand for wooden Number 2 lead pencils as ink pens would ...View the full answer

Economics An Introduction To Traditional And Progressive Views

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