N Price (per unit) 14 13 12 11 10 9 8 654321 Market supply Market demand 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Quantity (units per time period) Instructions: In part a, round your response to two decimal places. In parts b, c. a a. What is the market price (market value) of the product? $ 8 per unit b. What is the market output? unit(s) Assume that the product depicted above generates external costs in consumption

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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N
Price (per unit)
14
13
12
11
10
9
8
654321
Market supply
Market demand
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Quantity (units per time period)
Instructions: In part a, round your response to two decimal places. In parts b, c. a
a. What is the market price (market value) of the product?
$
8
per unit
b. What is the market output?
unit(s)
Assume that the product depicted above generates external costs in consumption
Transcribed Image Text:N Price (per unit) 14 13 12 11 10 9 8 654321 Market supply Market demand 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Quantity (units per time period) Instructions: In part a, round your response to two decimal places. In parts b, c. a a. What is the market price (market value) of the product? $ 8 per unit b. What is the market output? unit(s) Assume that the product depicted above generates external costs in consumption
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