Using calculus, determine the effect of an increase in the price of beef, pb, from $4 to
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Using calculus, determine the effect of an increase in the price of beef, pb, from $4 to $4.60 on the equilibrium price and quantity in the Canadian pork example. (Conduct an analysis that differs from that in Solved Problem 2.1 in that the shock is to the demand curve rather than to the supply curve.) Illustrate your comparative statics analysis in a figure.
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Microeconomics Theory and Applications with Calculus
ISBN: 978-0133019933
3rd edition
Authors: Jeffrey M. Perloff
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