Relative price of C 1 and meaning of price.

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Chapter 14.3, Problem 1MQ

To determine

Relative price of C1 and meaning of price.

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Considering your analysis, can you state with certainty that Q2 is greater than, same as, or less than Q0? Why or why not? Similarly, can you state with certainty that P2 is greater than, same as, or less than P0? Why or why not? If any of your predictions about the cumulative impact of these shifts on either the equilibrium price or quantity (or both) are uncertain (ambiguous), what will determine the final outcome? Please make sure you relate your explanation to the graphical analysis you have offered in Questions 2 and 3.

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