Label the equilibrium point for both supply-demand curves

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The market for autographs by a superstar baseball player during the 1950s and 1960s indicates that while the player’s autograph is not rare it remains highly desirable and of relatively high price to collectors. In fact, a baseball signed by this superstar player is likely to sell for twice the price of baseballs signed by a teammate whose autograph is relatively rare.

a. Use one graph to show both the demand and supply for autographs by the superstar and the demand and supply for autographs by the teammate and label the equilibrium point for both supply/demand curves.

b. How it is possible for the price of the superstar’s autographs to be higher than the price of the teammate’s autographs even though the supply of superstar autographs is larger than the supply of teammate autographs? How does the graph display this information?

Reference no: EM13852691

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