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Principles of Macroeconomics (Mind...

8th Edition
N. Gregory Mankiw
Publisher: Cengage Learning
ISBN: 9781305971509

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BuyFindarrow_forward

Principles of Macroeconomics (Mind...

8th Edition
N. Gregory Mankiw
Publisher: Cengage Learning
ISBN: 9781305971509
Chapter 5, Problem 4QR
Textbook Problem
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On a supply-and-demand diagram, show equilibrium price, equilibrium quantity, and the total revenue received by producers.

To determine
The demand and supply diagram, equilibrium and total revenue.

Explanation of Solution

Figure -1 illustrates the equilibrium position in the market.

Figure 1 depicts the demand and supply curves in a market where the horizontal axis represents the quantity demanded and supplied and vertical axis represents the price of the product...

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