The citizens of Kings Landing enjoy the sweet smells of baking lamprey pies every morning so much that they think each pie baked produces 2 copper pennies worth of delicious smells. The supply of lamprey pie is given by QS = 2PLP and the demand is given by QD = 600 – PLP. Using this information, calculate the equilibrium price and quantity of lamprey pie production, the optimal level of lamprey pie production, and the dead weight loss caused by producing too few lamprey pies.
The citizens of Kings Landing enjoy the sweet smells of baking lamprey pies every morning so much that they think each pie baked produces 2 copper…
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