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1. A market for a product consists of 10 type A buyers with individual demands qf (p) =100p and 10 type B buyers with individual
1. A market for a product consists of 10 type A buyers with individual demands qf (p) =100p and 10 type B buyers with individual demands qg (p) = 200 4p. There are 25 producers of this good, each with supply functions s q (p) = 2p. (@) (b) () @ (e) ( (h) Write the aggregate supply function. Write the aggregate demand as a piecewise function. Compute the competitive equilibrium price and quantity in this market. Calculate the individual consumer surplus for each buyer in equilibrium. Calculate the total consumer surplus. Calculate the total producer surplus. Now suppose 65 more type A buyers enter the market. Compute the new competitive equilibrium. At this new equilibrium price, calculate the total consumer surplus
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