Instruction:

Simply put a rough answer will be fine for me for each question, no steps or explanation needed.

Problem 4 (Competitive equilibrium) Consider a market with 40 identical consumers whose quasilinear utility from consuming an amount m of a good and an amount m of \"money\" is given by U (3:, m) : Z + m. There are identical suppliers in perfect competition with cost function C(q) = (12/2. 1. Derive the aggregate demand function. 2. Determine the competitive equilibrium. 3. Show in a diagramme that the competitive equilibrium maximises welfare