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Name: 8. (7 Points) Consider the following market for flash drives. Price Quantity supplied Quantity demanded 3,000 $65 $60 $

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Answer #1

QS +-QD -1000 0 1000 2000 3000 4000

a) CS in the equilibrium = 0.5*1500*(65-35) = 22500

T 1 -2000 - 1000 0 1000 2000 3000 4000

b) When the demand decreases to QD2, the equilibrium shifts so

New CS = 0.5*1000*(45-25) = 10000

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