4. When Typhoon Odette hit the Philippines in 2021, it destroyed 1,850 hectares of timber. Given...

 

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4. When Typhoon Odette hit the Philippines in 2021, it destroyed 1,850 hectares of timber. Given that lumber is timber that has been sawed or split into planks and boards, explain in terms of supply and/or demand how the typhoon impacted each of the following markets (be sure to note the expected resulting impact on equilibrium price and quantity): a. Domestic lumber b. Imported lumber c. New home construction 4. When Typhoon Odette hit the Philippines in 2021, it destroyed 1,850 hectares of timber. Given that lumber is timber that has been sawed or split into planks and boards, explain in terms of supply and/or demand how the typhoon impacted each of the following markets (be sure to note the expected resulting impact on equilibrium price and quantity): a. Domestic lumber b. Imported lumber c. New home construction

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