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Below you have the formulas for the market demand and the market supply for cans of cola. Ifyou plug any price into the demand function,
Below you have the formulas for the market demand and the market supply for cans of cola. Ifyou plug any price into the demand function, you get the quantity demanded at that price. If you plug any price into the supply function, you get the ouantity Supplied at that price. The demand function is given as: The Supply function is given as: on: 25-5P [15: SP where (1:: is the quantity of cans of cola demanded, 05 is the quantity of cans of cola supplied, and P is the price ofa can of cola. Task 1: Identify the equilibrium market price ofcans of cola. Task 2: In the space below, graph the demand curve for a typical perfectly competitive rm in the market for cans of cola. Task 3: How much marginal revenue does the perfectly competi.ive rm generate when it sells an additional can of cola? Explain
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