The following table displays the reservation values of 10 sellers and 10 buyers in a market for cameras where each individual wants to buy or sell one camera.
a)What is the equilibrium price and quantity of cameras?
b)What is the social surplus when four highest-value buyers trade with four lowest-cost sellers?
c)What is the social surplus when eight highest-value buyers trade with eight lowest-cost sellers?
d)What is the highest possible social surplus in the market? At what quantity does it occur?
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