A firm in a competitive market produces 120000 units when the market price was $80. Today at $120/unit 200000 units are produced and supplied daily. Consumers on the other hand. Buy 120000 when the market price is $100/unit but would only buy 110000 units when the price is $140/ unit

what is the equilibrium market price ?

what is the equilibrium market quanity

to encourage production the government decides to add $10 to the equilibrium market price

what is the effect on 1 the quantity demand and supply

profit for existing firm

market outcomes