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2 Qd 2 Qs 2 Shortage Qd-Qs 2 for graph 10 is in effect The trapezoid between demand supply up to Q 2. For full credit need to compare old and new consumption points numerically or graphically. Q2. Consider the market for used laptops. There will be a shortage. If P 10 we get QD 3. 33 and QS 2. 5 so the shortage is the difference between these. C. is 1 we know that the MC 1 so the MB will be 1 as well. 2 MC MB 1 g. Can they consume more of both goods now Yes. No 1 point Understanding what a...
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Econ 001 midterm 1 is an exam that covers the material learned in the first half of the course.
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