Suppose that the demand for steel in Japan is given by the equation QdS = 1200 -
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a) Find the equilibrium prices of steel, aluminum, and titanium in Japan.
b) Suppose that a strike in the Japanese steel industry shifts the supply curve for steel to QSS = PS. What does this do to the prices of steel, aluminum, and titanium?
c) Suppose that growth in the Japanese beer industry, a big buyer of aluminum cans, fuels an increase in the demand for aluminum so that the demand curve for aluminum becomes QdA = 1500 - 4PA + PS + PT. How does this affect the prices of steel, aluminum, and titanium?
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