Business, 09.03.2020 17:12, emileehogan

Assume we are studying the hotdog industry. In a given time period, demand for hotdogs is as follows: at a price of $1.00, 500 hotdogs are demanded. At a price of $2.00, 470 are demanded, while 430 are demanded at $3.00, 380 at $4.00, 300 at $5.00, 200 at $6.00, 90 at $7.00, and 10 at $8.00. At the same time, hotdog suppliers are willing to supply 600 at $8.00, 550 at $7.00, 500 at $6.00, 430 at $5.00, 350 at $4.00, 250 at $3.00, 140 at $2.00, and 50 at $1.00. Which number is closest to the equilibrium price of hotdogs?

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Assume we are studying the hotdog industry. In a given time period, demand for hotdogs is as follows...