6. Supply and Demand There are 100 sellers in the market for widgets: 40 people are willing to sell a widget at £10 or m
Posted: Thu May 19, 2022 7:37 am
- 6 Supply And Demand There Are 100 Sellers In The Market For Widgets 40 People Are Willing To Sell A Widget At 10 Or M 1 (51.19 KiB) Viewed 50 times
6. Supply and Demand There are 100 sellers in the market for widgets: 40 people are willing to sell a widget at £10 or more; 20 additional people are willing to sell a widget at £20 or more; 30 additional people are willing to sell a widget at £30 or more; and 10 additional people are willing to sell a widget at £50 or more. (a) For a range of prices from £0 to £70, draw the supply curve in a suitably labelled graph. [5 Marks] (b) The government will buy any amount of widgets for £40 or less. Draw the demand curve. How many widgets are sold in equilibrium? [5 Marks]