2) The following table displays the reservation values of 10 sellers and 10 buyers in a market for cameras where individual wants to buy or sell one camera. Buyers Value (S) Sellers Value (S) 100 1 2 86 18 3 74 60 3 22 26 55 35 6. 50 6. 50 7 34 7 65 26 75 9 12 85 10 10 100 a) What is the equilibrium price and quantity of cameras? b) What is the social surplus when four highest-value buyers trade with four lowest-value sellers? ) What is the social surnlus tchen eigh+ highestaahe burere trade sith eight lorsest ralhme sellers?

2) The following table displays the reservation values of 10 sellers and 10 buyers in a market for cameras where individual wants to buy or sell one camera. Buyers Value (S) Sellers Value (S) 100 1 2 86 18 3 74 60 3 22 26 55 35 6. 50 6. 50 7 34 7 65 26 75 9 12 85 10 10 100 a) What is the equilibrium price and quantity of cameras? b) What is the social surplus when four highest-value buyers trade with four lowest-value sellers? ) What is the social surnlus tchen eigh+ highestaahe burere trade sith eight lorsest ralhme sellers?

Principles of Microeconomics

7th Edition

ISBN:9781305156050

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter22: Frontiers Of Microeconomics

Section: Chapter Questions

Problem 8PA

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