Tom, Dick, and Harry constitutes the entire market for scrod. Toms demand curve is given by Q1

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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.


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Intermediate Microeconomics and Its Application

ISBN: 978-0324599107

11th edition

Authors: walter nicholson, christopher snyder

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