ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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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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Transcribed Image Text: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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