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1. The graph below shows the supply and demand curves for air conditioners. Show the equilibrium by clicking on the graph to place a dot at the place where the equilibrium point is.
Clear All Draw: Dot

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2. Here are the equations for the demand and supply curves:

Demand curve: Qd=3300-2 P

Supply curve: Qs=500+8 P

Compute the equilibrium price value:
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3. Compute the equilibrium quantity value:

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4. Suppose Congress cuts personal income tax rates. Which graph most accurately shows how this would affect the market for air conditioners? Note that the new curve is shown in grey.

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5. Why does the demand or supply curve shift the way it does and what element of demand caused the shift? How does that affect the equilibrium price and quantity?

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6. Suppose that air conditioner workers accept a pay cut of per hour. Which graph most accurately shows how this would affect the market for air conditioners? Note that the new curve is shown in grey.

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7. Why does the demand or supply curve shift the way it does and what element of demand caused the shift? How does that affect the equilibrium price and quantity?

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