Homework Answers
At a price of $250 , all consumers who choose to buy a pair of high heels value them at exactly $250 because at $250 demand equals supply. Given this information, consumer surplus in this market is (0.5)(400-250)(6)= $450.
It must be the case that for each firm that produces high heels, the marginal cost of the last pair of high heels produced is $250.
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