Assume that all the factors affecting demand in this model remain the same, but that the price has changed. Further assume that the prices are 100, 200, 300, 400, 500, 600 cents.
Plot the demand curve for the firm.
Plot the corresponding supply curve on the same graph using the following MC / supply function (with the same prices 100, 200, 300, 400, 500, and 600 cents):
QS = -7909.89 + 79.0989P
Determine the equilibrium price and quantity.