Question: Draw a graph for the supply and demand model for pencils (follow the directions listed above).Imagine there is a decrease in the price of the

Draw a graph for the supply and demand model for pencils (follow the directions listed above).Imagine there is a decrease in the price of the wood used to produce the pencils, and at the same time, there is a decrease in the price of pens (which we will assume is a substitute good for pencils). Explain very carefully what would happen in this market. Show on the graph. Show any changes in equilibrium price and quantity.

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10. How much time does it take between when we collect information until it is used in decision-making?

2. Ask questions, listen rather than attempt to persuade.

9. How much of the information collected will be used in decision-making?