01:220:102 Study Guide - Midterm Guide: French Wine, Midpoint Method, Economic Equilibrium

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15 Oct 2018
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01:220:102 Full Course Notes
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01:220:102 Full Course Notes
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Intro micro midterm 1___________________ date: oct. 7, 2014_________ In one hour, japan can produce 30 tons of steel or 275 automobiles. Page 1: french fries and hamburgers are complements. Suppose the cost of the ingredients used to make hamburgers rises, so that the price of a hamburger rises. At the same time, scientists discover the health benefits of cranberries. Page 2: suppose the equilibrium rent for apartments in boston is ,600. ,200: an increase in total surplus, suppose the market demand curve for tv remotes is given by the equation qd = 100 . 2p, where p is the price and qd represents the number of tv remotes demanded. United states and the quota is set at a quantity below equilibrium, the price of french wine in the united states will ________ while the u. s. -produced wine will ________. increase; increase increase; decrease: decrease; increase, decrease; decrease. Page 3: the market for salmon is in equilibrium.

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