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4. Both Tom Haverford and Dr. Saperstein run a teen clothing rental service. Tom Haverford owns Rent a Swag and Dr. Saperstein owns Tommy's Closet,

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4. Both Tom Haverford and Dr. Saperstein run a teen clothing rental service. Tom Haverford owns Rent a Swag and Dr. Saperstein owns Tommy's Closet, and they compete fiercely for customers. The market demand for their services is 160 - 2p. The marginal cost of running the business is the same for both firms: $10. a. What is the equilibrium market price? [3 points] b. What is the social optimal quantity? [2 points]

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