There are 100 sellers in the market for widgets: 40 people are willing to sell a widget at £10 or more; 20 additional pe

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answerhappygod
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There are 100 sellers in the market for widgets: 40 people are willing to sell a widget at £10 or more; 20 additional pe

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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. (b) The government will buy any amount of widgets for £40 or
less. Draw the demand curve. How many widgets are sold in
equilibrium?
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