Essay
Scenario: The table below lists the willingness to pay for ten potential buyers of a Walter Payton rookie card and the willingness to accept for ten potential sellers of the card. (Walter Payton was a running back for the NFL's Chicago Bears from 1985 to 1987 and was elected into the NFL's Hall of Fame in 1993.) The graph below the table can be used to display the demand and supply schedules.
-Refer to the scenario above.In the graph above,plot the market demand schedule from the willingness to pay of buyers,and graph the market supply schedule from the willingness to accept of sellers.(Hint: Use the stairstep method similar to Exhibits 7.2 and 7.3 in the textbook; over and down for drawing market demand,and up and over for drawing market supply.)
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