Chapter 3 HW - 4.15) a. Scenario a. is shown in graph...

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CHAPTER 3 Page 93-94 Exercises: 4.3, 4.14, 4.15, 4.16, 4.18 Page 93 4.3) a) b) c) If EPA would’ve agreed to increase the amount of ethanol found in gasoline the amount of corn available for tortilla would have reduced as well. This would consequently make the price of tortillas to rise, since the supply of corn to make tortillas decreased. 4.14) We disagree and believe with what the student says. The shift from points D1 to D2 is very unlikely to occur. But we believe that there will be a change in the demand curve, d1, because of the price change but it will not shift.
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Unformatted text preview: 4.15) a. Scenario a. is shown in graph number one. b. Scenario b. is shown in graph number four. c. Scenario c. is shown in graph number three. d. Scenario d. is shown in graph number two. 4.16) 4.18) The graph that depicts a vertical demand curve is probably the one of the cancer-fighting drug for as the price of the drug rises, patients will still demand the drug. On the other hand, if the price of the BMW rises, people will reduce the quantity of demand of this brand of car....
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Chapter 3 HW - 4.15) a. Scenario a. is shown in graph...

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