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4. Suppose that the inverse demand function for silicone replacement tips for Sony 901 earbud headphones is p = pm - 0.1Q, where p is
4. Suppose that the inverse demand function for silicone replacement tips for Sony 901 earbud headphones is p = pm - 0.1Q, where p is the price per pair of replacement tips, pm is the price of a new pair of headphones, and C1 is the number of tips per week. Suppose the inverse supply function of the replacement tips is p = 2 + 0.012Q. a. Find the effect of a change in the price of a new pair of headphones on the equilibrium price of replacement tips at the equilibrium. b. If PN = $30, what are the equilibrium p and Q? What is the consumer surplus? What is the producer surplus
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