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7) Draw graphs of the following relationships (Hint: first decide which variable is dependent/independent, then consider the relationship between the variables): (a) Labor time and
7) Draw graphs of the following relationships (Hint: first decide which variable is dependent/independent, then consider the relationship between the variables): (a) Labor time and Leisure time (all else equal) (b) A firm's costs and profits (all else equal) (c) Economic output (production) and the level of capital (all else equal) (d) The price of apples and consumer demand for oranges (all else equal)
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