Question
Carlos wants to give his best friend Romeo a football Jersey for his birthday. This is a popular private good out in the market.Carlos has
Carlos wants to give his best friend Romeo a football Jersey for his birthday. This is a popular private good out in the market.Carlos has a demand for this good that is written like this: P=20-1/4Q.However, Abraham is also looking for the same football Jersey to buy for his friend for his birthday. Abraham has a demand for this good which is written as: P=30-Q.Lastly, the marginal cost of supplying this particular good is written as P=1/5Q.The good/Jersey that Carlos and Abraham both want to buy is considered to be a private good in this market.Find the equilibrium for the quantity
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