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Microeconomics

13th Edition
Roger A. Arnold
ISBN: 9781337617406

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Microeconomics

13th Edition
Roger A. Arnold
ISBN: 9781337617406
Textbook Problem

Suppose the supply of aisle, middle, and window scats is each 100 seats but the demand for aisle scats is greater than the demand for window seats, which, in turn, is greater than the demand for middle seats. If the equilibrium price of an aisle seat is $300, where do the equilibrium prices of middle and window seats stand in relation to this price?

To determine

The equilibrium price.

Explanation

It is known that the demand of aisle seats is greater than the demand for middle and window seats. The demand for the middle seats is the lowest. This implies that the equilibrium price of aisle seats would be greater than the equilibrium price of middle and window seats. The equilibrium price of window seats will be higher than the price of middle seats...

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