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Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383

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Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383
Textbook Problem

Suppose the demand curve is downward sloping, the supply curve is upward sloping, and the equilibrium quantity is 50 units. Show on a graph that the difference between the maximum buying price and minimum selling price is greater at 25 units than at 33 units.

To determine

Illustration on graph that the difference between the maximum buying price and minimum selling price is greater at 25 units than at 33 units.

Explanation

Figure 1 shows the maximum buying price and minimum selling price.

In Figure 1, the vertical axis measures the price and horizontal axis measures the quantity demanded. The upward sloping curve is the supply curve and the downward sloping curve is the demand curve...

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