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Suppose Yakov is the only seller in the market for bottled water and Rajiv is the only buyer. The following lists show the value Rajiv
Suppose Yakov is the only seller in the market for bottled water and Rajiv is the only buyer. The following lists show the value Rajiv places on a bottle of water and the cost Yakov incurs to produce each bottle of water: Rajiv's Value Yakov's Costs Value of rst bottle: $10 Cost of rst bottle: $1 Value of second bottle: $? Cost of second bottle: $3 Value of third bottle: $3 Cost of third bottle: $7 Value of fourth bottle: $1 Cost of fourth bottle: $10 The following table shows their respective supply and demand schedules: Price Quantity Demanded Quantity Supplied $1 or less 4 CI $1 to $3 3 1 $3 to $? 2 2 $? to $10 1 3 More than $10 0 4 Use Yakov's supply schedule and Rajiv's demand schedule to find the quantity supplied and quantity demanded at prices of $2, $6, and $9. Enter these values in the following table. Price Quantity Demanded Quantity Supplied 2 6 9
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