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Econ 102 HW 2

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Homework 2 Answer Key
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P Q D 2 D 1 Decrease in Demand (Shift) Make sure red arrow points to the left (incorrect if it points down or down-left) 1
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P Q D S 1 S 2 E 1 E 2 Q 2 Q 1 P 2 P 1 Increase in Supply Drawn with a demand curve to illustrate change in equilibrium price and quantity Shift arrow (red) must point right Green arrows optional 2
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P Q S D 1 D 2 E 1 E 2 Q 2 Q 1 P 2 P 1 Decrease in Demand Drawn with a supply curve to illustrate change in equilibrium price and quantity Shift arrow (red) must point left Green arrows optional 3
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P Q $12 $5 540 750 D B A Decrease in Quantity Demanded (movement) Qd = 900 30P Red arrow shows movement along curve Green arrows optional Price MUST rise from $5 to $12 Quantity demanded MUST decrease from 750 to 540 4
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P Q $6 $4 14 20 S B A Decrease in Quantity Supplied (movement)
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