Question: There are two questions to this problem set please answer both: 1.) Suppose the marginal willingness to pay in a market is depicted by the

There are two questions to this problem set please answer both:

1.)

Suppose the marginal willingness to pay in a market is depicted by the function P = W - 4990Q, where the constant W represents the average wealth of consumers (wealth is a demand shifter). The market supply function is Q = P/10. Suppose consumer wealth changes from $55,000 to $75,000. What happens to equilibrium prices in this market? p=15; Q-11 p=100; Q-120 p=110 to p=150 Op=ll top-15A firm faces a demand function of g = 100 - 2p and has constant marginal cost of 20. Suppose the firm can perfectly price discriminate. What is the firm's producer surplus

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