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Consider a competitive market for used copies of Greg Mankiw's textbook Principles of Economics. The daily supply of books is given by the equation q^s
Consider a competitive market for used copies of Greg Mankiw's textbook Principles of Economics. The daily supply of books is given by the equation q^s = p 10, while the daily demand for books is given the equation q^d = 150 p.
Find sellers willingness to accept (or the inverse supply curve) by solving for p as a function of q^s . What is the lowest price that anyone will accept for their book? Draw the supply curve in a figure.
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