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5. The accompanying table shows the supply and demand schedules for used copies of the fifth edition of this textbook. The supply schedule is derived
5. The accompanying table shows the supply and demand schedules for used copies of the fifth edition of this textbook. The supply schedule is derived from offers at Amazon. The demand schedule is hypothetical. Price of book Quantity of books supplied = ; a. Calculate consumer and producer surplus at the equilibrium in this market. b. Now the sixth edition of this textbook becomes available. As a result, the willingness to pay of each potential buyer for a second-hand copy of the fifth edition falls by $20. In a table, show the new demand schedule and again calculate consumer and producer surplus at the new equilibrium
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