In a certain year, the strong economic growth of developing countries increased their purchase of raw materials, including copper, for production. On the other hand, several South American countries had serious safety issues in their copper mines and closed many of these copper mines. Suppose the above changes led an increase in the global sales volume of copper. Use a well-labeled demand-and-supply diagram to show the above effects on the global market of copper. Briefly explain your answer.

ENGR.ECONOMIC ANALYSIS
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In a certain year, the strong economic growth of developing countries increased their
purchase of raw materials, including copper, for production. On the other hand, several
South American countries had serious safety issues in their copper mines and closed many
of these copper mines.
Suppose the above changes led an increase in the global sales volume of copper.
Use a well-labeled demand-and-supply diagram to show the above effects on the global
market of copper. Briefly explain your answer.
Transcribed Image Text:In a certain year, the strong economic growth of developing countries increased their purchase of raw materials, including copper, for production. On the other hand, several South American countries had serious safety issues in their copper mines and closed many of these copper mines. Suppose the above changes led an increase in the global sales volume of copper. Use a well-labeled demand-and-supply diagram to show the above effects on the global market of copper. Briefly explain your answer.
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Equilibrium is where quantity demanded is equal to quantity supplied at a particular price.

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