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Material Type: Exam; Class: PRINC OF MICROECONOMICS; Subject: Economics; University: University of Alabama - Huntsville; Term: Unknown 1989;
Typology: Exams
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In class review for the first test A. What happens to price and quantity sold when the following events take place? Assume the product is a normal good and the substitute product is a competitor’s product (a substitute good on the demand side).
B. Calculate the following price and income elasticities