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ECS1501 Exam Pack 2023-2024 LATEST UPDATED 100%VERIFIED 1a) In the market for milk two things happen simultaneously: first, due to increased subsidies from government, there was an increase in the number of dairy farmers. Second, due to unfavourable economic growth, the average income per household has decreased. The effect of the subsidies is larger than the effect of the decreased income per household. Draw the market for milk and show the all changes. (5)
(1b) Critically discuss your ans...
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