Refer to the above table. In this competitive market, the price and quantity will settle at ITTPrice PerQuantity DemandedQuantity SuppliedUnit$52,0001,8001,6001,4001,2001,0000.1030015600209001,2001,5002530Refer to the above table, In this competitive market, the price and quantity will settle at$20 and 900 units.O $10 and 2,000 units.O $15 and 1,600 units.O $25 and 1,200 units.

Equilibrium price is the price at which quantity demanded equals quantity supplied and the market…

Answered: Price Per Quantity Demanded Quantity…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Please answer correct the answer explain calculation Don't answer by Pen paper please
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Homework (Ch 07) The following graph shows the supply curve for a group of sellers in the U.S. market for smartphones (orange line). Each seller has only one smartphone to sell. The market price of a smartphone is shown by the black horizontal line at $105. Each rectangle on the graph corresponds to a particular seller in this market: blue (circle symbols) for Jacques, green (triangle symbols) for Kyoko, purple (diamond symbols) for Musashi, tan (dash symbols) for Rina, and orange (square symbols) for Sean. (Note: The name labels are to the right of the corresponding segment on the supply curve.) Use the rectangles to shade the areas representing producer surplus for each person who is willing to sell a smartphone at a market price of $105. (Note: If a person will not sell a smartphone at the market price, indicate this by leaving his or her rectangle in its original position on the palette.) ? 240 210 Sean Jacques 180 150 Kyoko 120 90 Musashi 60 C O PRICE (Dollars per smartphone)…
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