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Problem_set3_-_solutions - EC201 Introduction to...

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EC201 Introduction to Microeconomics (G.Lepori) Spring 2008 1 Name:_______________________ Student Number:_______________ Problem set # 3 (Due on Tuesday 01/29/2006, by 12:40pm) Please staple all the pages together. Circle the most appropriate answer to the following questions (each question is worth 1 point): 1) Lead is an important input in the production of crystal. If the price of lead decreases, other things equal, we would expect the supply of a. crystal to be unaffected. b. crystal to decrease. c. crystal to increase. d. lead to increase. ANS: C 2) An increase in the price of rubber (major input in the production of tires) coincides with an advance in the technology of tire production. As a result of these two events,
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