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Unformatted text preview: if the price of Pepsi increased, the new technology is introduced, and the income of people who buy Coke increased? 4. Assume books are a normal good. Assume paper is used to make books. What will happen in the book market if the income of people who buy books decreased, the price of paper increased. 5. Assume paint and paint brushes are complements and dye is used to make paint. What will happen in the market for paint if the price of paint brushes increased and the price of dye decreased? 6. Assume strawberries are used in the production of strawberry jam. What will happen in the market for strawberry jam if the price of strawberries increases and a new study is released indicating that strawberry jam lowers blood pressure?...
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This note was uploaded on 01/25/2012 for the course AS 195.603 taught by Professor C.b. during the Fall '11 term at Johns Hopkins.
- Fall '11