question archive The following table summarizes information about the market for principles of economics textbooks: Price Quantity Demanded per Year Quantity Supplied per Year $45 4,300 300 55 2,300 700 65 1,300 1,300 75 800 2,100 85 650 3,100 a
The following table summarizes information about the market for principles of economics textbooks: Price Quantity Demanded per Year Quantity Supplied per Year $45 4,300 300 55 2,300 700 65 1,300 1,300 75 800 2,100 85 650 3,100 a
Subject:EconomicsPrice: Bought3
The following table summarizes information about the market for principles of economics textbooks:
|
Price |
Quantity Demanded |
Quantity Supplied |
|
$45 |
4,300 |
300 |
|
55 |
2,300 |
700 |
|
65 |
1,300 |
1,300 |
|
75 |
800 |
2,100 |
|
85 |
650 |
3,100 |
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.
