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Students apparently consume mass quantities of the performance enhancing drug adderall during exam time. Normally, the price is $3 for 10 mg, but it rises during exam week to at least $5. One student reports that in his suburban Dallas hometown drug dealers, realizing this price variation, speculated by buying up large supplies of the drug at $3 and dumping them on the market during exam time, hoping to sell at $5. They didnt realize that this large increase in supply would cause the price to drop below $5 during exam week. Indeed, so many dealers engaged in speculation that there was a surplus at the usual equilibrium price of $3. Students were able to buy the drug for only $2, as dealers sold off their excess supply. One imagines that the dealers were less enthusiastic about speculation the next year, and that the exam week price stayed above $3.
Question. Suppose that word gets around to the drug dealers that the equilibrium price for adderall is $7 in a nearby suburb. Whar would you expect to happen in each market?
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The discount rate for the stock is 15% and the rate of return on reinvested earnings is also 15%
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