Econ 213

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Problem Set 1 Name: ______________________________________________ Problem Set 1 is due by 11:59 p.m. (ET) on Monday of Module/Week 2. 1. Based on the information provided below for the market for video games, answer the following questions: PRICE | Q DEMANDED | Q SUPPLIED | $50 | 5 | 9 | $45 | 7 | 7 | $40 | 9 | 5 | $35 | 11 | 3 | $30 | 13 | 1 | 50[5]9 45[7]7 40[9]5 35[11]3 30[13]1 a) Draw and properly label the demand and supply graphs (this means you must label the axes and any lines you include on the graph). S Pe D Qe (Qd=Qs) Pe,Qe(Qd=Qs) The market price clears 45 What is the equilibrium price and quantity? 45 7 PRICE: ______________________…show more content…
________________________ Who has the comparative advantage in testing games? _____________________ Who has the comparative advantage in making pizzas?
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