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Macroeconomics 13th Edition by William Baumol ,Alan Blinder
Edition 13ISBN: 978-1305280601Macroeconomics 13th Edition by William Baumol ,Alan Blinder
Edition 13ISBN: 978-1305280601 Exercise 4
The two accompanying diagrams show supply and demand curves for two substitute commodities: regular cell phones and smartphones.
a. On the right-hand diagram, show what happens when rising raw material prices make it costlier to produce regular cell phones.
b. On the left-hand diagram, show what happens to the market for smartphones.
a. On the right-hand diagram, show what happens when rising raw material prices make it costlier to produce regular cell phones.
b. On the left-hand diagram, show what happens to the market for smartphones.
Explanation
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a. Rise in raw material cost will increa...
Macroeconomics 13th Edition by William Baumol ,Alan Blinder
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