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Illustrate any changes to the market for coal

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Question

Using the model of supply and demand, consider the impacts of the following changes on the market for coal in the US, a commodity traded on competitive markets. First, wages for coal miners increase. At the same time, households begin switching to coal burning ?replaces to heat their homes to reduce their reliance on utility companies.

Discuss and illustrate any changes to the market for coal, and draw conclusions about any changes to equilibrium price and quantity.

Reference no: EM133372731

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