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beer fame. II MARKET FOR POTION The potion market in Westfield, New Jersey is perfectly competitive. It is comprised of 100 buyers from the Addams
beer fame. II MARKET FOR POTION The potion market in Westfield, New Jersey is perfectly competitive. It is comprised of 100 buyers from the Addams family, each has identical marginal willingness to pay characterized by MWTP = 1200 - 6q. Assume quantities of potion are measured in ml and continuous. 1. What is the equation for the market demand (quantity demanded as a function of price)? Pig, 1200- 69 0P) . the market demand is Mip. -10800 2. Suppose the supply in this market is given by P(Qs) = 400 + 10. What is the equilibrium price and quantity
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