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Problem 1:
Use the Hill Method for each of the following questions:
1. A new toy store opens. What happens to the price and quantity of toys?
2. A new machine is invented to produce toys faster. What happens to the price and Quantity of toys?
3. A new toy store opens and at the same time people start preferring toys to candy. What happens to the price and quantity of toys?
Verified Expert
This task provides a clear working example of Hill method. Also, the quantity and demand of new toys will be indeterminate when a new toy store is opened
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