Principles of Microeconomics (Econ 2600)Lakeland Community CollegeDr. Hyojin JeongHomework Assignment 2 Suggested AnswersI. Chapter 3: Questions & Problems: 13, 23 (p100-101) 13.Predict what would happen to the equilibrium price of marijuana if it were legalized.
23. Identify what happens to equilibrium price and quantity in each of the following cases:(a)demand rises and supply is constant – equilibrium price rises and quantity rises