Limited access

Upgrade to access all content for this subject

Assume there are 1000 consumers and 1000 producers in the market for men's shirts. Given the following information, find the equilibrium price of a men's shirt:

Each customer values having one shirt at \$50
Each customer values having two shirts at \$90
Each customer values having three shirts at \$125
Each customer values having four shirts at \$153
Each customer values having five shirts at \$173
Each customer values having six shirts at \$190

For each producer, the marginal cost of producing the Qth shirt is

$$MC = 8 + 5Q$$

A

4

B

28

C

153

D

173

Select an assignment template