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Assume that you begin with demand and supply curves that are neither perfectly elastic nor perfectly inelastic, i.

Assume that you begin with demand and supply curves that are neither perfectly elastic nor perfectly inelastic, i.e. a typical demand curve that is negatively sloped and a typical supply curve that is positively sloped and greater than zero. What would happen to the equilibrium price and quantity exchanged if, ceteris paribus, there were the following changes:

a. An increase in demand b. An increase in supply
c. An increase in supply and demand d. A decrease in supply
e. A decrease in demand
f. A decrease in supply and demand
g. A decrease in demand and an increase in supply h. An increase in demand and a decrease in supply
i. Now for questions c, f, g, & h assume that the changes in demand and supply are of equal magnitude.

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