The table gives the demand and supply schedules for sunscreen. Sunscreen factories are required to limit production
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Sunscreen factories are required to limit production to 100 bottles a day.
a. What is the maximum price that consumers are willing to pay for the 100th bottle?
b. What is the minimum price that producers are willing to accept for the 100th bottle?
c. Describe the situation in this market.
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a Consumers are willing to pay a maximum price of 15 for the 10...View the full answer
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Ali Khawaja
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