21 Jul TOGETHER HOW MUCH CASH WOULD THE SELLERS IN THIS EXPERIMENT RECEIVE FROM SELLING THEIR BOOKS?
Here are the buyer and seller values from an experiment with 12 potential buyers of used textbook Show more Here are the buyer and seller values from an experiment with 12 potential buyers of used textbooks and 12 potential sellers. Suppose there is no price ceiling or price floor. Together how much cash would the sellers in this experiment receive from selling their books? That is what is the equilibrium price times the equilibrium quantity? (Assume as always that the people who are indifferent go ahead and trade.) A. $45 B. $70 C. $80 Now suppose that the professor imposes a price floor of $15 per book. Sellers are pleased because they think that they will be able to get more money this way. Together how much cash would the sellers receive from selling their books now? (Assume as always that people who are indifferent go ahead and trade.) D. $110 Show less
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