Question: 2) Consider the market for copper. a) Explain intuitively what will happen to consumer surplus when new mining techniques allow for an increase in the

2) Consider the market for copper. a) Explain intuitively what will happen to consumer surplus when new mining techniques allow for an increase in the supply of copper. Show the change to consumer surplus on a demand-supply diagram. b) Explain intuitively what will happen to producer surplus when demand for copper increases due to a global economic boom. Show the change to producer surplus on a demand-supply diagram.

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