Question
Supply Demand Price($) Quantity Price($) Quantity 0 1200 0 0 2 900 2 0 4 600 4 150 6 300 6 300 8 0 8
Supply Demand
Price($) Quantity Price($) Quantity
0 1200 0 0 2 900 2 0 4 600 4 150 6 300 6 300 8 0 8 600 10 0 10 600 12 0 12 750 14 0 14 900
a. What is equilibrium price and equilibrium quantity if this market has no interferences?
b. If this were a third-party-payer market where the consumer pays $2, what is the quantity demanded and what is the price charged by the seller?
c. What is total spending in each of the two situations described in a. and b. above?
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Statistics For Business Decision Making And Analysis
Authors: Robert Stine, Dean Foster
2nd Edition
978-0321836519, 321836510, 978-0321890269
