Impact on price and quantity for new apartments.

The demand for new houses in Melbourne and Sydney have held up relatively well, compared to the other states in Australia. However, in Melbourne, it is expected that by the end of this year the increase of new apartments into the market will far outstripped any increase in the demand for new apartments. Explain, with demand and supply diagrams, the impact on price and quantity for new apartments. 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 …

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