problem set 1 solutions econ301 intermediate microeconomics prof marek weretka problem 1 from varian chapter 1 in this problem the supply curve shifts to the left as some of the ...
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...Problem set solutions econ intermediate microeconomics prof marek weretka from varian chapter in this the supply curve shifts to left as some of apartments are converted into condominiums demand however is not changed inner ring people who were already renting still market for they did move condominium only outer that equilibrium rental price higher while quantity apartment rentals lower reservation p snew sold new old d q murphy s budget a formula constraint with two goods px m we ll just assume french fries x since what have on horizontal axis beef jerky per pack income notice represents all aordable combinations any thing less than or equal line cost exactly so equation representing b real terms which portions could consume if he spent his thinking means graphically found intercept c packs tells us accordingly coming directly no consumed and solve telling how much can be red given by pink area shown below quantities indeed intercepts slope e way back algebra put form see economic in...