The graph shows the demand curve for smartphones. The market price of a smartphone is $200. On the demand curve draw a point to show the maximum price that someone is willing to pay for the 1 millionth smartphone. Label your point 1. Draw a point on the curve to show the value of the 2 millionth smartphone. Label your point 2. 100 500- 400- 300- 200- 100+ Price (dollars per smartphone) Quantity (millions of smartphones per year) D 5

The graph shows the demand curve for smartphones. The market price of a smartphone is $200. On the demand curve draw a point to show the maximum price that someone is willing to pay for the 1 millionth smartphone. Label your point 1. Draw a point on the curve to show the value of the 2 millionth smartphone. Label your point 2. 100 500- 400- 300- 200- 100+ Price (dollars per smartphone) Quantity (millions of smartphones per year) D 5

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter7: Market Efficiency And Welfare

Section: Chapter Questions

Problem 8P

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