Homework_1[1]

Homework_1[1] - P ri n ci p l es of Mi c roe con omi cs Pro...

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Principles of Microeconomics Prof. Sánchez-Peñalver Homework 1 Student’s Name: ID: This homework is composed of short answers questions related to what we have seen in class. You are also responsible for finding an article and relating it to the topics we have covered in class so far. The homework should be in a legible form, whether handwritten or typed, and stapled together. No unstapled or late homework will be accepted. No homework sent by email will be accepted. No excuses, no justifications will be valid. Q U E S T I O N 1 As more people buy computers, the demand for Internet service increases and the price of Internet service decreases. The fall in the price of Internet service decreases the supply of Internet service. Is this statement true or false? Explain. Q U E S T I O N 2 The following events occur one at a time: (i) The price of crude oil rises. (ii) The price of a car rises. (iii) All speed limits on highways are abolished. (iv) Robots cut car production costs. Which of these events will increase or decrease (state which occurs) a. The demand for gasoline? b.
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Homework_1[1] - P ri n ci p l es of Mi c roe con omi cs Pro...

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