Question: Question 3 (3 marks): A rise in population increases the quantity demanded of toilet paper by 1,000 rolls per week at EACH price. Explain how

Question 3 (3 marks): A rise in population increases the quantity

Question 3 (3 marks): A rise in population increases the quantity demanded of toilet paper by 1,000 rolls per week at EACH price. Explain how the toilet paper market adjusts to its new equilibrium.

Question 4 (3 marks): a new technology in toilet paper production increases the quantity supplied of toilet paper by 750 rolls/week at each price. At the same time, people's preference change to a substitute, and the quantity demanded of toilet paper decreases by 250 rolls/week at each price. With no rise in income, explain how the toilet paper market adjusts to its new equilibrium.

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