Consider a market with 22 sellers and 21 buyers. Of 22 sellers, there are 15 "high-cost"...

Consider a market with 22 sellers and 21 buyers. Of 22 sellers, there are 15 "high-cost" sellers with production costs of $30 per unit and 7 "low-cost" sellers with costs of $10 per unit. Of 21 buyers, there are 14 "high-value" buyers with values of $40 per unit and 7 "low-value" with values of $20 per unit. For this market, identify and graph the demand and supply curves. Finally, predict the equilibrium price and quantity in the market.

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Rahul Sunny answered 1 year ago

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