ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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Question
H
B
G
1 hour
30 minutes
45 minutes
15 minutes
S
D
12 Quantity
2
10
If buyers in this market have to wait in line to purchase this good after a $1 price ceiling is
imposed, each buyer purchases only one unit of the good, and buyers in the market value
their time at $8 per hour, how long will the line have to be to clear the market?
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Transcribed Image Text:H B G 1 hour 30 minutes 45 minutes 15 minutes S D 12 Quantity 2 10 If buyers in this market have to wait in line to purchase this good after a $1 price ceiling is imposed, each buyer purchases only one unit of the good, and buyers in the market value their time at $8 per hour, how long will the line have to be to clear the market?
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