Chapter 4 HW Problems.docx - Chapter 4 Table 4-1 Price $5...

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Chapter 4 Table 4-1 Price Quantity Demanded by Michelle Quantity Demanded by Laura Quantity Demanded by Hillary $5 5 4 11 $4 6 6 13 $3 7 8 15 $2 8 10 17 $1 9 12 19 $0 10 14 21 1. Refer to Table 4-1. If the market consists of Michelle, Laura, and Hillary and the price falls by $1, the quantity demanded in the market increases by how much? 2. Refer to Table 4-1. If the market consists of Michelle and Laura only and the price falls by $1, the quantity demanded in the market increases by how much? Table 4-16 The following table shows the supply and demand schedules in a market.

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