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Assume the following information for the demand and supply curves for good Z.
a. Draw the corresponding supply and demand curves.
b. What are the equilibrium price and quantity traded?
c. Would a price of $9 result in a shortage or a surplus? How large?
d. Would a price of $3 result in a shortage or a surplus? How large?
e. If the demand for Z increased by 15 units at every price, what would the new equilibrium price and quantity traded be?
f. Given the original demand for Z, if the supply of Z were increased by 15 units at every price, what would the new equilibrium price and quantity traded be?
Assume that Maria Moneybags keeps $1000 in cash in her sock drawer. Over the first year, the inflation rate is 10%. What is the real inflation tax paid by Maria for this year. What is the real inflation tax paid by Maria for the second year
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Is the use of the term ‘third world' justified in the light of these differences?
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