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(Solved): lem3.9 illustrates the market's demand and supply for cheddar cheese. Graph the data and find the eq ...



lem3.9 illustrates the market's demand and supply for cheddar cheese. Graph the data and find the equilibrium. Nextcreate a table showing the change in anded or quantity supplied, and a graph of the new equilibrium, in each of the following situations:a. The price of milk, a key input for cheese productionrises, so that the supply decreases by 80 pounds at every price.b. A new study says that eating cheese is good for your health, so that demand increases by 20% at every price.



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