equilibrium point on the demand curve
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Let's say that I've been hired as an economic consultant to evaluate the nation's airport security systems (metal detectors and machines that allow security people to see what's inside carry-on luggage). Suppose these security systems add $5 to the typical airplane ticket and require 10 minutes of extra time for each passenger. I'm trying to understand which curve is being affected, and how is it being affected. Can you explain this and what would be at least two questions you will answer in your evaluation.
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Characterize equilibrium point on the demand curve.
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The price of the ticket is increasing directly by $5, and because 10 minutes of extra time ...
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