Illustrate the effect on the equilibrium price and quantity using supply and demand curves. Be sure to label everything. Use the 4 step process. a) The effect of an increase in the price of lumber on the market for newly constructed homes b) The effect of a decrease in the price of chicken on the market for beef (assume they are substitutes) c) The effect of an increase in income on the market for ramen noodles (assume they are inferior goods)

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