Question

At the Portland Fish Exchange, each day some amount of cod is brought to market. Supply is perfectly inelastic at that amount. How much cod is caught and brought to market varies day to day. Assuming the demand curve does not vary over time use the supply- demand framework to illustrate how the price is determined on different days. Explain how this process allows us to identify different points on the demand curve.



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  • CreatedNovember 13, 2014
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