ECO202HBF13MT1Key

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Unformatted text preview: med?  See notes for answers (we discussed about this in class)               8 32. (4points)Ineachofthemarketsbelow,pleasegraphically(usingSINGLEdemand ­and ­ supplydiagram)illustratetheimpacteachofthegiveneventswouldhaveondemandor supply(bespecific,i.e.,indicatewhethereacheventisademandorsupplyfactorandhow itaffectsthedemandorsupply).Alsosummarizehowequilibriumpriceandequilibrium quantitywouldchange(decrease,increaseorambiguous). a. MarketforMacbooks(Laptop): i. LaborcostintheITindustryincreases; ii. PClaptopsaremuchcheaperthisyear. ThedemandforMacBooksdecreasesduetoachangeintheprice ofPClaptops(asasubstitute:whenapriceofPClaptop decreases,quantitydemandedforPClaptopswill...
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This document was uploaded on 03/13/2014 for the course ECO 221 at Miami University.

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