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QUESTION 1
Together with the use of supply-and-demand diagrams, explain the effect of the following events on the market for woollen jumpers in Australia. (Assume ceteris paribus for each of the event).
(a) The price of leather jackets falls
(b) Hugh Jackman, a much admired Australian movie star, appears in a woollen jumper in his latest video
(c) New knitting machines are invented
(d) A rise in income, assuming woollen jumpers are a normal good. 4 * 2 = 8 MARKS
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