02 May Question: Suppose that, in a perfect competitive market, an equilibrium point is generated by intersecting …
Suppose that, in a perfect competitive market, an equilibrium point is generated by intersecting downward
sloping market demand curve and upward sloping market supply curve. Explain step by step how to get
this equilibrium point from the decision making of INDIVIDAL consumers and producers. In your answer,
individual consumer’s decision making must start from preference ordering and utility maximizing process.
Producer’s decision making must start from budget constraint, production function and go to the process of
cost minimization and profit maximization. Also explain how to move from individual decision makings
to the entire market interaction. In your answer, include all necessary steps, concepts, graphs, formulas, etc.
which you have learned during this course. Make a coherent, analytic essay.
(Note: in perfect competitive market, a supply curve of individual firm is different to the market supply
curve.)
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