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The Generator is a popular youth hostel in London located near Kings Cross. The hostel provides a bed, showers, and breakfast in their nightly fee.
The Generator is a popular youth hostel in London located near Kings Cross. The hostel provides a bed, showers, and breakfast in their nightly fee. Suppose the quantity demanded is 0 when the price is $90 per night and 90 when the price is $10 per night. Quantity supplied is 0 when the price is $10 and 100 when the price is $80.
a.In the accompanying diagram, use this information to place the supply and demand curves.
b. In equilibrium, how many beds are rented?
c. What is the total surplus?
- Don't forget the graph how to graph this, please!
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