micro week 2.docx - QUESTION 1 The band Atomic Rooster has...

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QUESTION 1 The band Atomic Rooster has gotten back together and recorded a new album, "Home To Roost." Below is demand and supply information at different prices for downloads: PRICE DEMAND SUPPLY $5 1600 50 10 1300 150 15 1000 250 20 700 350 25 400 450 30 100 550 A) Using excel or done neatly by hand, draw demand and supply curves using the information above. B) Label and state the equilibrium point and explain what it means. C) If the demand curve shifts to the left, what could cause that? If it moves to the right? D) If the supply curve shifts to the right, what could cause that? It it shifts to the left? E) How would supply and demand change if the government set a price floor $6 below the equilibrium price?
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