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Unformatted text preview: the demand of air travel? i. Shift of demand curve to the right ii. Market price would go up because quantity would go up b. Increase in price of software? What happens to demand of computers? Market price and quantity? i. Demand of computers would decrease. ii. Market price decreases, quantity decreases iii. Shift down of demand curve iv. When price of complimentary good rises (software), the price of original good decreases (computer) c. How would increased price of Cornell Hockey tickets change demand for women’s basketball tickets? i. Increase in $ Hockey would make demand for basketball tickets go up ii. Higher price and quantity or basketball tickets iii. Hockey is “substitute” for basketball, when substitute (hockey) price increases, the demand for the original good (basketball) increases as well d....
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This note was uploaded on 02/20/2008 for the course ECON 1110 taught by Professor Wissink during the Fall '06 term at Cornell.
- Fall '06