Microeconomics: Principles & Policy
14th Edition
ISBN: 9781337794992
Author: William J. Baumol, Alan S. Blinder, John L. Solow
Publisher: Cengage Learning
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Textbook Question
Chapter 4, Problem 4TY
The following table summarizes information about the market for principles of economics textbooks:
Quantity Demanded per Year | Quantity Supplied per Year | |
$45 | 4,300 | 300 |
55 | 2,300 | 700 |
65 | 1,300 | 1,300 |
75 | 800 | 2,100 |
85 | 650 | 3,100 |
- What is the
market equilibrium price and quantity of textbooks? - To quell outrage over tuition increases, the college places a $55 limit on the price of textbooks. How many textbooks will be sold now?
- 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.
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