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Questions Transaction? 1. (Yes or No) At a price of $50, will a supplier with a WTA of $35 engage in a transaction? 2. (Yes or No) At a price of $35, will a potential buyer with a WTP of $30 engage in a transaction? Commodity Market Use the following data to answer all of the remaining questions. Consider a commodity market where the products provided by all sellers are identical. A group of 12 potential buyers in this market have willingness to pay (WTP) as follows (in random order): $65, $60, $55, $80, $70, $30, $20, $55, $10, $45, $40, and $15. A group of potential suppliers serving this market have wiliness to accept (WTA) as follows (also in random order): $20, $25, $30, $10, $45, $50, $55, $15, $20, $30, $40, and $60. Basics 3. What is the equilibrium price? 4. How many units will be sold? 5. How many sellers will not engage in a transaction? 6. What is the total value created by all the transactions? Sellers 7. What is the producer’s surplus in this market for an individual seller with a WTA = $25? 8. What is the value captured by all sellers? Buyers 9. What is the value captured in this market by an individual buyer with WTP = $80? 10. What is the total consumers surplus (i.e., all buyers) in this market? Value added 11. What is the value added for the supplier with a WTA of $15?