A bubble-tea market is fiercely competitive. Suppose that demand for bubble tea is given by QD(p) = 300 − 30p,
and supply is given by QS(p) = 60p − 60.
My question is What is the most any consumer is willing to pay for bubble tea in this market? At the equilibrium price, how much is the marginal consumer willing to pay? How much social surplus is created by the marginal transaction?