consider the perfectly competitive market in a goodx1 consisting of 250 consumers with utility function u(x1,x2)= lnx1+lnx2 denote p to be the price for goods x1 and suppose p2=1. each consumer has an income equal o 10. there are 100 firms producing goods x1 according to the cost function c|9x)=x1^2+1
Derive the demand curve for good x for a constant in the market Derive the market demand curve for good x Derive the individual firm’s supply curve for good x Derive the market supply for good x Determine the equilibrium price and quantity in the market for good x Is the market currently in long-run equilibrium? Why or why not?