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Hand draw answers and upload. Consider a city that has cell phone case stands operating throughout the midtown area. Suppose each vendor has a marginal cost of $5.00 per case and no fixed cost. Suppose the maximum number of cell phone cases that any one vendor can sell is 70 per day.
1. If the price of a cell phone case is $15.00, how many cases does each vendor want to sell? B. If the industry is perfectly competitive, will the price remain $15.00 per case? If not, what will the price be? Why?
2. If each vendor sells exactly 70 cell phone cases a day and the demand for cell phone cases for vendors in the city is Q=1000-20P, how many vendors are there?
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