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1. 17 points] The average quantity of sculptures consumers will demand at a price of p hundred dollars per sculptures is D(p)- 1.003p- 20.689p+850.375 sculptures.
1. 17 points] The average quantity of sculptures consumers will demand at a price of p hundred dollars per sculptures is D(p)- 1.003p- 20.689p+850.375 sculptures. For suppliers, the shutdown point is at p 4.5, but above the shutdown point supply can be modelled S(p)0.26p+8.1p+ 250 sculptures as (e) At what prike will coustiuers no lonsger buy scule? (b) What are the equilibrium price and quantity? (c) At equilibriun, what are the cousmer expenditure, consumer surplus, and consumer willingness and ability to spend
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