1.7. Suppose you decided to follow in Vemon Smith's footsteps and conducted your own experiment with your friends. You give out 10 cards, 5 cards to buyers with the figures for willingness to pay of

$1, $2, $3, $4, and $5, and 5 cards to sellers with the ;unounts for costs of$1, $2, $3, $4, and $5. The rules are the sallie as V em on Smith implemented.

a. Draw the supply and demand curve for this market. At a price of $3.50, how many units are demanded? And supplied?

b. Assuming the market works as predicted, and the market moves to equilibrium, will the buyer who values the good at $1 be able to purchase? Why or why not?