Consider a perfectly competitive market that consists of 20 consumers with identical preferences. Their preference is given by v(x) = 200-2(x-10)^2 if x<10 or x=10, and 200 if x>10. The industry supply of this market is s(p) = 5p. The equilibrium price of this market is

Consider a perfectly competitive market that consists of 20 consumers with identical preferences. Their preference is given by v(x) = 200-2(x-10)^2 if x<10 or x=10, and 200 if x>10. The industry supply of this market is s(p) = 5p. The equilibrium price of this market is

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

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Problem 1QTC

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Consider a perfectly competitive market that consists of 20 consumers with identical
preferences. Their preference is given by v(x) = 200-2(x-10)^2 if x<10 or x=10, and
200 if x>10. The industry supply of this market is s(p) = 5p.
The equilibrium price of this market is
20

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