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Determine on any market the effect of the following. Do each separately (on a separate graph) starting from an initial equilibrium position for each one.
1. increase in income
2. Decrease in the cost of production.
3. Increase in the price of a substitute good.
4. Increase in the price of a complementary good.
5. An increase in technology.
6. Increase in taste and preferences for the good.
What are the pros and cons of outsourcing in order to keep prices down?
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How does an increase in income affect a consumer's budget line and their total utility?
What are the requirements for something to be considered money? Why does the dollar have value?
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