The following table summarizes information about the market for principles of economics textbooks:

a. What is the market equilibrium price and quantity of textbooks?
b. To quell outrage over tuition increases, the college places a $55 limit on the price of textbooks. How many textbooks will be sold now?
c. While the price limit is still in effect, automated publishing increases the efficiency of textbook production Show graphically the likely effect of this innovation on the market price and quantity

Transcribed Image Text:

Quantity DemandedQuaniy Suppled Price per Year 300 700 1,300 2,100 3,100 per Year $45 65 75 85 4,300 2,300 1,300 800 650