Suppose There Are 100 Consumers in the Computer Speaker Market

question 138

Essay

Suppose there are 100 consumers in the computer speaker market, each with an identical demand curve given by Q_i = 10 - 0.1P, where P is the price per pair of speakers and Q_i measures the quantity demanded of computer speakers by each person. The market supply for computer speakers is given by Q^S = 20P - 200. What are the equilibrium price and quantity in the computer speaker market?

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