Refer to the table above. If the market is perfectly competitive, the equilibrium price of calculators is: $6 $20 O $2 O $12 Refer to the table above. If the market is perfectly competitive, the equilibrium quantity of calculators is: 5 units 6 units 8 units 3 units

Refer to the table above. If the market is perfectly competitive, the equilibrium price of calculators is: $6 $20 O $2 O $12 Refer to the table above. If the market is perfectly competitive, the equilibrium quantity of calculators is: 5 units 6 units 8 units 3 units

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

The following table displays the reservation values of eight buyers and eight sellers
where each individual wants to buy or sell a calculator
Reservation
Reservation
Number of
Number of
Value of Buyers
Value of Sellers
Buyers
Sellers
($)
($)
20
1
17
16
3
14
4
8.
12
5
12
6
9.
15
7
6.
7
18
8
8
Refer to the table above. If the market is perfectly competitive, the equilibrium price of
calculators is:
20
2.
3.
4,
5.

Refer to the table above. If the market is perfectly competitive, the equilibrium price of
calculators is:
$6
$20
O $2
O $12
Refer to the table above. If the market is perfectly competitive, the equilibrium quantity
of calculators is:
O 5 units
O 6 units
O 8 units
3 units

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