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Economics 103Professor FriedmanSpring 2014Your Name(s): Layla Fahoum.Your TA: Myles Day.Your Section Time and Day: Friday (12:20-1:10) .Problem Set 2Due Date: April 2Hand in hard copy to your TAs mailbox, 8th floor of Thompson HallDo not submit answers on line through MoodleNote that there are two types of problems. You are encouraged to work with someone else in your TAsection on the quantitative problems (1, 2); hand in one set of answers to this problems with both yournames. Do the essay questions individually (3, 4, 5) and append separate answers with each personsname for these along with your group answers to the quantitative questions. Type your answers; staplepages together.This problem set is much easier to do using a computer spreadsheet.Total 20 points.1. (4 points) Pecan Pie is the best of all possible pies. Your friend Emily has left school to open abakery, which specializes in pecan pie. She has done some market research and finds that yourneighbors value pies according to the following schedule:Pecan Pie MU1$40.002$36.003$32.404$29.165$26.246$23.627$21.268$19.139$17.2210$15.5011$13.9512$12.5513$11.3014$10.17a. (2 points) Graph the demand curve for pecan pie. Does the demand curve have a positiveor negative slope? Why?The Demand curve has a negative slope, because there is an inverse relationship betweenthe Quantity Demanded, and the price. If the price is low people will want more of theproduct, howe

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