Question
Asked Dec 8, 2019
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Construct from the info below. A diagram of market demand and supple schedules, and the competitive equilibrium price interval.

Seller
Unit
Costs
Values
Unit
Buyer
1st
2nd
2nd
1st
103
121
130
149
117
107
145
119
113
141
115
123
125
137
127
131
109
133
135
138
105
129
135
111
123 456
1234 56
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Seller Unit Costs Values Unit Buyer 1st 2nd 2nd 1st 103 121 130 149 117 107 145 119 113 141 115 123 125 137 127 131 109 133 135 138 105 129 135 111 123 456 1234 56

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Expert Answer

Step 1

Since we are given the costs of different units by different sellers and prices for different buyers for different units, we first have to arrange the values in an increasing order to get a diagram for demand and supply and also to get the competitive equilibrium interval. Arranging the units in an increasing order gives the following table:

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SELLER' | CONSUMER'S PRICE 130 UNITS PRICE 103 107 119 135 111 115 123 131 127 129 105 109 133 135 138 137 125 113 141 145 117 121 149

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Step 2

Depicting these figures in the diagram gives us the following deman...

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DEMAND AND SUPPLY CURVES 160 140 120 100 80 60 40 20 20 40 60 80 100 120 140 160 -SELLER' PRICE CONSUMER'S PRICE Linear (SELLER PRICE) Linear (CONSUMER'S PRICE)

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Business

Economics

Consumer demand theory

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