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10 a tonne. "China's steel production is forecast to contract in 2015 and 2016 as the seaborne supply of iron ore increases," the department said in its latest quarterly update. Iron ore is a key ingredient of steel. Read more: cuts 2015 iron ore forecast by 10 20150630 gi18dp. htmlixzz3tb8IbFdwa. Using demand and supply analysis explain the impact of the change in commodity price on the market for iron ore mine workers. b. Using demand and supply analysis explain the impact of the change in commodity price on the market for rental properties in mining towns. Task 2: Elasticity Q1. Briefly explain the economic concept of elasticity. List the five key determinants of price elasticity of demand and explain how each determinant indicates whether demand tends to be elastic or inelastic.
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A. Sang, M. A. Schwartz, and M. C. Jia. 37. H. I. Park, J. Ni, F.
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