Draw the resulting graphs

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Please answer each in a paragraph 3. Imagine that the global price for cotton has increased 50% over the last year.

a. Explain and illustrate how this might have occurred via changes only to the demand curve; i.e., come up with a plausible reason and draw the resulting graphs.

b. Explain and illustrate how this might have occurred via changes only to the supply curve.

c. What one piece of information would allow you to decide which explanation - a shift in the demand curve vs. a shift in the supply curve - was more likely

Reference no: EM133130237

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