1) Consider the market for new textbooks. For each of the events listed below, draw a diagram separately to show the effect on the price and quantity of new textbooks. Please state exactly what will happen to the equilibrium price and quantity. Remember that it is important to identify which side of the market (demand or supply) is affected and what is direction of the shift. Please be clear in your answers.
a) More students attend colleges.
b) Paper becomes more expensive.
c) More used textbooks are available in the market at lower price.
d) Textbook authors accept lower royalties.
e) As the result of pandemic many students lose their part time jobs.
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