Suppose the market demand for a good consists of two consumers 1 and 2 where their respective individual demands are D 1 p 200 5 p and D 2
Suppose the market demand for a good consists of two consumers and where their respective individual demands are
Suppose the market demand for a good consists of two consumers and where
for a good consists of two consumers and where their respective individual demands are D p p and D
Suppose the market demand for a good consists of two consumers
and where their respective individual demands are D p p and D
Suppose the market demand for a good consists of
Suppose the market demand
Suppose the market demand for a good consists of two consumers, 1 and 2, where their respective individual demands are: D 1 ( p ) = 200 5 p and D 2 (...

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Suppose the market demand for a good consists of two consumers, 1 and 2, where their respective individual demands are: D1(p) = 200 ? 5p and D2(p) = 100 ? p. Note that demand cannot be negative, so what we really mean is D1(p) = max{200 ? 5p,0} and D2(p) = max{100 ? p,0}. (a) On one diagram graph the individual demand curves as well as the resulting market demand curve. Mark the intercepts correctly. (b) Suppose supply is given by p = 30, that is, the supply is perfectly elastic. Find the amount purchased by each consumer. Illustrate answer with a graph. (c) Now, suppose instead the supply is given by q = 20. Find the equilibrium market price. Illustrate answer with a graph.

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