Much is said about the market and prices for college textbooks, and not without reason. Students in this class might be interested in topics related to game theory and industrial organization, and may come across a textbook such as this. One may wonder why the list price of $330 for a 576 page hardcover textbook is so high, and suggest that it far exceeds the equilibrium price for a book.

a.Why might a publisher find it preferable to sell such a book at a price that is very far above the market equilibrium price?

b.Given the apparent success of its high-price-for-arcane-textbook strategy, how likely is it that a book publisher would attempt a similar above-equilibrium strategy for a more mainstream or popular book?

c.What arguments could be made to support the case that $330isactually close to what the equilibrium price would be for such a book?

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