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Economics 12th Edition by William Baumol, Alan S Blinder
Edition 12ISBN: 978-0538453691Economics 12th Edition by William Baumol, Alan S Blinder
Edition 12ISBN: 978-0538453691 Exercise 1
The following table summarizes information about the market for principles of economics textbooks:
a. What is the market equilibrium price and quantity of textbooks
b. To quell outrage over tuition increases, the college places a $55 limit on the price of textbooks. How many textbooks will be sold now
c. While the price limit is still in effect, automated publishing increases the efficiency of textbook production. Show graphically the likely effect of this innovation on the market price and quantity.
a. What is the market equilibrium price and quantity of textbooks
b. To quell outrage over tuition increases, the college places a $55 limit on the price of textbooks. How many textbooks will be sold now
c. While the price limit is still in effect, automated publishing increases the efficiency of textbook production. Show graphically the likely effect of this innovation on the market price and quantity.
Explanation
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(a) Intersection of the demand forces an...
Economics 12th Edition by William Baumol, Alan S Blinder
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