Microeconomics |
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˹éÒ 83
If the price of a tape is $1, the quantity demanded is 9 million tapes a week, but
no tapes are supplied. The quantity demanded exceeds the quantity supplied by
9 million tapes a week. In other words, at a price of $1 a tape, there is a shortage
...
If the price of a tape is $1, the quantity demanded is 9 million tapes a week, but
no tapes are supplied. The quantity demanded exceeds the quantity supplied by
9 million tapes a week. In other words, at a price of $1 a tape, there is a shortage
...
˹éÒ 84
The Demand Curve and the Willingness to Pay Suppose the price of a tape is $2.
In such a situation, producers plan to sell 3 million tapes a week. Consumers
cannot force producers to sell more than they want to sell, so the quantity sold is ...
The Demand Curve and the Willingness to Pay Suppose the price of a tape is $2.
In such a situation, producers plan to sell 3 million tapes a week. Consumers
cannot force producers to sell more than they want to sell, so the quantity sold is ...
˹éÒ 88
If we start at a price of $5 a tape, trading 6 million tapes a week, we can then work
out what happens if demand falls back to its original level. You can see that the
fall in demand decreases the equilibrium price to $3 a tape and decreases the ...
If we start at a price of $5 a tape, trading 6 million tapes a week, we can then work
out what happens if demand falls back to its original level. You can see that the
fall in demand decreases the equilibrium price to $3 a tape and decreases the ...
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