Essentials of Economics (MindTap Course List)
Essentials of Economics (MindTap Course List)
8th Edition
ISBN: 9781337091992
Author: N. Gregory Mankiw
Publisher: Cengage Learning
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Chapter 5, Problem 4QR
To determine

The demand and supply diagram, equilibrium and total revenue.

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Draw a hypothetical demand-and-supply diagram and show equilibrium price, equilibrium quantity, and the total revenue received by the suppliers.
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