Business, 19.10.2020 20:01 handog12

You run a small classroom market experiment with only three buyers and three sellers. The willingness to pay (reservation value) for buyer A is $7 for each unit; for buyer B, it is $5 for each unit; and for buyer C, it is $3 for each unit. The willingness to accept (reservation value) for seller X is $2 for each unit; for seller Y, it is $4 for each unit; and for seller Z, it is $6 for each unit. Required:
a. Using the multipoint curve drawing tool, draw the demand curve for this market.
b. Using the multipoint curve drawing tool, draw the supply curve for this market.
c. What is the equilibrium quantity?
d. What is the total surplus given this outcome?

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You run a small classroom market experiment with only three buyers and three sellers. The willingnes...

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