Supply and demand: Each scenario below describes a change in a specific market. Please use a supply and demand diagram to graphically illustrate each separate scenario described below. Make sure each of your graphs: i) have appropriate labels for all curves and axes, ii) clearly indicate any changes in the equilibrium price and/or quantity described in the scenario and iii) clearly indicate any shifts in curves or movements along curves described in the scenario. You do not need specific numbers for your answers, you just need to graphically illustrate the direction of any changes described. a. The addition of thousands of new jobs by Apple to the Austin region results in an increase in the number of houses built. b. From the Sept. 28, 2020 Washington Post: “For Oregon's forestry industry, it has been a one-two punch. The coronavirus pandemic struck first, disrupting logging, sustainable forestry and furniture-making, and closing retail outlets. Then - just as some in the industry found a chance of recovery in the strong demand for housing and home improvement - came the worst fires in a century, destroying hundreds of thousands of acres of forest and blanketing vast portions of the state in thick smoke”. c. The price of insulin injection kits, used by diabetic patients, increases, but the equilibrium quantity remains the same.
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