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Unformatted text preview: 091 page 1/2 INDV 103 An Economic Perspective SI Worksheet #2 Using the notes you took in lecture & your textbook, answer the following questions. Figure 1: Table 2: Price Quantity Demanded Quantity Supplied Column A Column B $1 5 1 4 $2 4 2 2 $3 3 3 0 0 $4 2 4 2 $5 1 5 4 7) Take the data from Table 2, make a supply and demand graph & do the following. a. Identify and label the equilibrium. b. Identify and label what a shortage would look like. c. Identify and label what a surplus would look like. d. Label Columns A & B in Table 2. 8) If technology increases, then a. The demand curve will shift to the right b. The demand curve will shift to the left c. The supply curve will shift to the right d. The supply curve will shift to the left What might the graph look like? (Sketch the graph in the space on the right) Why? __________________________________________________________ 9) If a good is inferior and income decreases, then a. The demand curve will shift to the right b. The demand curve will shift to the left b....
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This note was uploaded on 04/07/2009 for the course INDV 002 taught by Professor Mcbrearty during the Spring '09 term at University of Arizona- Tucson.
- Spring '09