Please help with Part C on the attatched question and expalin how thank you The figure below shows the market for the new Guns and Butter album. "Live at Saskatoon."Market for Guns and Butteralbum "Live at Saskatoon"20161220406080100Quantitya. Suppose that the album producers put it on sale for $10 each. How much will be the surplus or shortage? How many will be sold?There would be a ShortageA quantity of30] albums will be sold.b. The maximum price at which the quantity actually sold in part (a) could have been sold is Sc. If the album producers had actually put the album on the market at the price mentioned in part (b). the resulting Burpluswould bePrice ($)00

Equilibrium price is the price at which the quantity demanded is equal to the quantity supplied.…

Answered: cif the album producers had actually…

cif the album producers had actually put the album on the market at the price mentioned in part (b). the resuiting rous would be

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

Please help with Part C on the attatched question and expalin how thank you

The figure below shows the market for the new Guns and Butter album. "Live at Saskatoon."
Market for Guns and Butter
album "Live at Saskatoon"
20
16
12
20
40
60
80
100
Quantity
a. Suppose that the album producers put it on sale for $10 each. How much will be the surplus or shortage? How many will be sold?
There would be a Shortage
A quantity of
30] albums will be sold.
b. The maximum price at which the quantity actually sold in part (a) could have been sold is S
c. If the album producers had actually put the album on the market at the price mentioned in part (b). the resulting Burplus
would be
Price ($)
00

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