Problem
1. Draw graphs to illustrate the difference between a decrease in the quantity demanded and a decrease in demand for Mickey Mantle baseball cards. Give a possible reason for change in each graph.
2. Suppose oil prices rise sharply for years as a result of a war in the Persian Gulf region. What happens and why to the demand for
a. cars?
b. home insulation?
c. coal?
d. tires?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.