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Using this information, draw a graph of the initial equilibrium solved for in round 1, correctly labeling the equilibrium quality and the equilibrium price 2)
Using this information, draw a graph of the initial equilibrium solved for in round 1, correctly labeling the equilibrium quality and the equilibrium price 2) on the graph you drew in question 1, draw the shift and label the new equilibrium that occurred in round 2 of simulation
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Microeconomics
Authors: Robert Pindyck, Daniel Rubinfeld
8th edition
978-0132870436, 132870436, 013285712X, 978-0133371178, 133371174, 978-0132857123
