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Question 1
a) Explain the difference between a change in demand and a change in quantity demanded using a graph. b) Discuss the factors affecting to quantity supplies and supply of a product. c) Read the following excerpt from media and provide answers to the questions below.
i. According to the above media excerpt identify the factors affecting on demand/quantity demanded and supply/quantity supplied of Australian lamb products. ii. Using clearly labelled demand and supply diagrams, explain the outcomes of the above factors you have identified in parts i. on the market for Australian lamb products.
