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Part I: Consider the market for electric guitars, a normal good. Use well-labeled supply and demand diagrams to illustrate the effects of the following events on the market for electric guitars. How will the market equilibrium price and quantity change from the original equilibrium? What cause the changes? Explain your graphs.
a. Consumer income increases.
b. The price of wood increases.
c. The price of electric amplifiers decreases.
d. There is a decrease in the price of bass guitars, a substitute for electric guitars.
e. The government eliminates taxes on the producers of electric guitars.
f. Many new electric guitar companies are started by an influx of immigrants.
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