Assume that the market demand for milkshakes is as follows:
|
Shake(s)
|
Price($)
|
|
0
|
20.00
|
|
800
|
15.00
|
|
1800
|
12.50
|
|
3600
|
9.15
|
|
5000
|
7.14
|
|
6000
|
6.10
|
|
6800
|
5.40
|
|
7400
|
4.94
|
|
7800
|
4.10
|
|
8100
|
3.00
|
|
8300
|
2.70
|
In the perfectly competitive market that we have discussed, what would the equilibrium price be?