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Eco1_midterm_1_Spr_2008b_akey

# Eco1_midterm_1_Spr_2008b_akey - Eco 1 Prof Quinn Mid-term...

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Eco 1 Name: Prof. Quinn Mid-term Exam 1 Section: February 8, 2008 INSTRUCTIONS 1) Write your name in the space above. 2) Write your answers on these sheets. If you require more space, state clearly where the remainder of your answer is to be found (e.g., “see back of this page” if you write on the back). 3) This section contains 5 questions. Answer ANY THREE of them. 4) Only NON-PROGRAMMABLE calculators may be used in the exam. 1

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PART TWO (30 minutes) Question1 1) According to an article in the New York Times , “Sales of DVDs in the United States have risen dramatically since the discs first went on the market in 1997, thanks in part to a drop in the price of DVD players.” Draw a demand and supply graph for the DVD market and use it to show the effect on this market of a decline in the price of DVD players. You could also have added an outward-shifting supply curve, if you thought of it. 2) Now draw a demand and supply graph for the VCR market and use it to show the effect on this market of a decline in the price of DVD players. Be sure to show the equilibrium price before and after the drop in the price of DVD players Make sure you label your curves and axes! This is a lazier version – full notation is still required on the exams for students.
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Eco1_midterm_1_Spr_2008b_akey - Eco 1 Prof Quinn Mid-term...

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