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Price of Used Guns $600 $400 $200 $0 0 1,000 2,000 3,000 4,000 5,000 $1,400 $1,200 $1,000 $800 6,000 7,000 8,000 Quantity of Used Guns 9,000 10,000 11,000 12,000 13,000 14,000 $2,200 Private Sector Demand Private Sector Supply $2,000 $1,800 $1,600

Price of Used Guns $600 $400 $200 $0 0 1,000 2,000 3,000 4,000 5,000 $1,400 $1,200 $1,000 $800 6,000 7,000 8,000 Quantity of Used Guns 9,000 10,000 11,000 12,000 13,000 14,000 $2,200 Private Sector Demand Private Sector Supply $2,000 $1,800 $1,600

Managerial Economics: A Problem Solving Approach
Managerial Economics: A Problem Solving Approach
5th Edition
ISBN:9781337106665
Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Chapter2: The One Lesson Of Business
Section: Chapter Questions
Problem 2.1IP
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Question 4

Consider the file named Gun Buyback Proposals. Currently, the equilibrium price of this type of guns in the second-hand market is  “?” dollars and equilibrium quantity is “?” units. The government offers to buy these guns at the fixed price of $800 each. As a result  “?” guns will be sold in the market. Of this amount, “?” will be purchased by the private sector and the remaining “?” units by the government. Moreover, the government must pay a total of “?” dollars to buy these guns (Be careful about the number of zeros).

Price of Used Guns $600 $400 $200 $0 0 1,000 2,000 3,000 4,000 5,000 $1,400 $1,200 $1,000 $800 6,000 7,000 8,000 Quantity of Used Guns 9,000 10,000 11,000 12,000 13,000 14,000 $2,200 Private Sector Demand Private Sector Supply $2,000 $1,800 $1,600
Transcribed Image Text:Price of Used Guns $600 $400 $200 $0 0 1,000 2,000 3,000 4,000 5,000 $1,400 $1,200 $1,000 $800 6,000 7,000 8,000 Quantity of Used Guns 9,000 10,000 11,000 12,000 13,000 14,000 $2,200 Private Sector Demand Private Sector Supply $2,000 $1,800 $1,600
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