Practice Midterm 2006 Answer

Practice Midterm 2006 Answer - Midterm 1, Fall 2006 Key...

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Midterm 1, Fall 2006 Key Version #1 1.D 2.C 3.E 4.D 5.C 6.D 7.E 8.D 9.B 10.A 11.C 12.E 13.D 14.C 15.B 16.E 17.D 18.D 19.D 20.A 21.A 22.B 23.C 24.A 1
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25.A 26.A 27.D 28.C 29.C 30.A 31.C 32.B 33.E 34.E 35.A 36.C 37.E 38.C 39.C 40.D 2
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Page 1 SHORT ANSWER. Please respond in the space provided. 1. If you need to make additional assumptions, please state what they are . a. (3 points) Suppose an over-population of rabbits destroys much of this year’s carrot crop. On a supply and demand graph, show how the over-population of rabbits will affect the equilibrium price and quantity of carrots. b. (2 points) On a second supply and demand graph, show how changes in the market for carrots will affect the equilibrium price and quantity of tomatoes. c. (2 points) On a third supply and demand graph, show how a decrease in the price of tomato harvesting machinery will affect the equilibrium price and quantity of tomatoes. d.
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Practice Midterm 2006 Answer - Midterm 1, Fall 2006 Key...

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