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 diagram

A) What is the difference between a substitute in production and a substitute 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: I a. An increase in the price of a substitute in production. b. An increase in the price of a substitute in consumption. Page 1 of 3

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