Carefully explain what is happening in the following markets.  Indicate the impact if any on demand, supply, price and quantity. Electricity is a major input into the production of aluminum and aluminum is a substitute in the supply of steel.  In the market for steel, the effect of an increase in price of electricity. Using the statements above: (1) What is the impact on supply? (2) What is the impact on demand? (3) What is the impact on quantity? (4) What is the impact on price?

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