Identify the equilibrium price and quantity

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Reference no: EM132200981

Question: Perfectly Competitive Market Model (Answered 1, 2 and 3) Stuck on Part A and onwards

1. Draw a diagram depicting the perfectly competitive market for aspirin.

2. Identify the equilibrium price and quantity.

3. Define consumer and producer surplus/ Identify on graph

a. Draw a diagram showing the optimization decision of consumer A, one of many buyers in the market, in terms of how much aspirin she/he will purchase. Label this on your diagram.

i. Explain how consumer A decides how much aspirin to purchase.

ii. Identify the area on the diagram where the consumer will not purchase any aspirin.

b. Draw a diagram showing the optimization decision of Firm B, one of many firms in the market, in terms of how much aspirin it will supply in the market. Label this on your diagram.

Reference no: EM132200981

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