Tom, Dick, and Harry constitutes the entire market for scrod. Toms demand curve is given by Q1
Question:
Tom, Dick, and Harry constitutes the entire market for scrod. Tom’s demand curve is given by
Q1 = 100 – 2P
For P ≤ 50. For P > 50, Q1 = 0. Dick’s demand curve is given by
Q2 = 160 – 4P
For P ≤ 40. For P > 40, Q2 = 0. Harry’s demand curve is given by
Q3 = 150 – 5P
For P ≤ 30. For P > 30, Q3 = 0. Using this information, answer the following:
a. How much scrod is demanded by each person at P = 50? At P = 35? At P = 25? At P = 10? And at P = 0?
b. What is the total market demand for scrod at each of the prices specified in part a?
c. Graph each individual’s demand curve.
d. Use the individual demand curves and the results of part b to construct the total market demand for scrod.
Step by Step Answer:
Intermediate Microeconomics and Its Application
ISBN: 978-0324599107
11th edition
Authors: walter nicholson, christopher snyder