Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
Please help with Part C on the attatched question and expalin how thank you
![The figure below shows the market for the new Guns and Butter album. "Live at Saskatoon."
Market for Guns and Butter
album "Live at Saskatoon"
20
16
12
20
40
60
80
100
Quantity
a. Suppose that the album producers put it on sale for $10 each. How much will be the surplus or shortage? How many will be sold?
There would be a Shortage
A quantity of
30] albums will be sold.
b. The maximum price at which the quantity actually sold in part (a) could have been sold is S
c. If the album producers had actually put the album on the market at the price mentioned in part (b). the resulting Burplus
would be
Price ($)
00](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff53eb250-5103-433f-a882-915aa4d88212%2F3eadd4a1-0b56-4941-a67d-0d9992930a71%2Folgursf_processed.png&w=3840&q=75)
Transcribed Image Text:The figure below shows the market for the new Guns and Butter album. "Live at Saskatoon."
Market for Guns and Butter
album "Live at Saskatoon"
20
16
12
20
40
60
80
100
Quantity
a. Suppose that the album producers put it on sale for $10 each. How much will be the surplus or shortage? How many will be sold?
There would be a Shortage
A quantity of
30] albums will be sold.
b. The maximum price at which the quantity actually sold in part (a) could have been sold is S
c. If the album producers had actually put the album on the market at the price mentioned in part (b). the resulting Burplus
would be
Price ($)
00
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