Eleven of your friends are about to take a course, and each one is interested in

Question

Eleven of your friends are about to take a course, and each one is interested in buying one used textbook, Another 11 of your friends have already taken the course and are willing to consider selling their books. Suppose that each friend tells you his or her buyer value or seller cost. They ask you to figure out how to arrange all the trades, Because you have taken an economics course, you sort the buyer values in decreasing order to you can plot a demand curve and your sort the seller costs in increasing order so you can plot a supply curve. If you set a price #17 per book for the trades among your friends.

Explanation / Answer

For 17$ we have 4 buyers out of 11 who are ready to buy. And there are 4 sellers for the same cost. As you set 17 $ as tade value among the friends only 4 out of 11 will have books and 7 won't have the books. So there will be SHORTAGE of books with respect to friends (buyers), as most of them can't buy at that prize.

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