Answered: 1) please illustrate these events in…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Early in 2011, the world price of copper reached a record high of over $10,000 per tonne. Two events appeared to lie behind this high price. First, China's rapid economic growth and the massive building of infrastructure. Second, an explosion closed a major Chilean port used for shipping a substantial fraction of the world's copper output.

Use a demand-and-supply diagram to explain how each event shifts either the demand curve or the supply curve.

1) please illustrate these events in the copper market in the demand-and supply diagram and also label.

2) also draw the new equilibrium and label it properly please

Definition Definition Increase in the amount of goods and services produced by a country in a given period of time compared to an earlier period. Economic growth is generally coupled with a rise in national income or the purchasing power of individuals. It is often measured in terms of the increase in a country's gross domestic product (GDP), or the overall monetary value of all the complete or final services and goods that a country can produce within its domestic boundaries in a specific period.

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