hw1 - the supply, the demand , and the equilibrium in the...

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Homework 1, due Tuesday October 9th 1) Textbook Chapter 1 - Question for Review (QR): 3; Problems and Applications (PA): 3, 4 2) Textbook Chapter 2 - Question for Review (QR): 1, Problems and Applications (PA): 2,3, 6 3) Student Guide Chapter 1 (TBA) (this will be assigned in October 10th and will be due only October 17 th ) 4. The use of economic models to represent the market for cars: a) Use equations and diagrams to completely describe:
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Unformatted text preview: the supply, the demand , and the equilibrium in the market for cars. b) What are the endogenous and exogenous variables? c) Suppose that the price of cars increases. What happens to the supply of cars? Show it graphically. d) Now assume that the price of tires goes up. What happens to the supply of cars? Show it graphically. Chapter 1 Chapter 2...
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hw1 - the supply, the demand , and the equilibrium in the...

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