Question: A) What is the difference between a substitute in production and a substitute in consumption ? B) Use comparative statics in this part. Using a

A) What is the difference between asubstitute in productionand asubstitute in consumption? B) Use comparative statics in this part. Using a diagram for each case (i.e. a separate diagram for a.

and b. below), make a prediction on how a market equilibrium would be impacted by:

An increase in the price of a substitute in production.
An increase in the price of a substitute in consumption.

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