There are four hospitals (consumers in this example) willing to pay the following amounts for a ventilator:

Hospital W	Hospital X	Hospital Y	Hospital Z
$110,000	$40,000	$20,000	$60,000

There are producers that can produce at most one ventilator each and at the following costs:

Producer A	Producer B	Producer C	Producer D
$20,000	$35,000	$55,000	$10,000

Suppose the market is competitive. Sketch the supply and demand and state the equilibrium quantity.

1.) Using the multipoint drawing tool, graph the market demand from the four hospitals. Label your line 'Demand'.

(Use

the "Esc" key after you have placed your last point to exit the drawing

tool.)

2.) Using the multipoint drawing tool, graph the market supply of the four producers. Label your line 'Supply'.

(Use the "Esc" key after you have placed your last point to exit the drawing tool.)

The equilibrium quantity of ventilators sold is ( what )units.

Carefully follow the instructions above and only draw the required

objects.

Answer rating: 100% (QA)

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