In a demand and supply diagram, at unit 5, the price on the demand curve is $20
Question:
In a demand and supply diagram, at unit 5, the price on the demand
curve is $20 and the price on the supply curve is $14. The market
price is $16. What is the marginal benefit and cost of this unit to a
buyer? To a seller? What is the highest market price a buyer would be
willing to pay for this unit? What is the lowest price a seller would be
willing to set the good at? And what is the increase in net benefits of
buying this good to demanders? To sellers?
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To a buyer the marginal benefit is 20 the price on the dema...View the full answer
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Somshukla Chakraborty
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