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For Figure 8-9, demand with zero transaction costs is Q1 D = 50 − P and supply is QS = −7 + 2P. a. Verify all of the prices and quantities calculated in the discussion. b. Now assume that intermediaries come from a competitive market with an equilibrium price of $8 per unit for their services, that is, any buyer or seller who wants an intermediary’s services must pay $8 for them. What is the maximum per unit that sellers are willing to pay intermediaries if hiring them saves buyers $8 in transaction costs? c. Does your answer to Question 16a change if buyers pay $8 per unit to the intermediary but sellers offer to rebate part of that expense to buyers? Figure 8-9
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