Question: 01Question(2 points) Hugh, Frank, and Luis are the only three buyers of gold in a small mining town. Their inverse demand functions for gold are

01Question(2 points) Hugh, Frank, and Luis are the only three buyers of gold in a small mining town. Their inverse demand functions for gold are as follows: Hugh: =240.0040.00 , Frank: =48.008.00 , Luis: =12.002.00 . , , and are the quantities (in ounces) demanded by Hugh, Frank, and Luis, respectively. Below, give all answers to two decimals. 5th attempt Part 1 (1 point) Suppose the price of an ounce of gold is = $3.00. The total ounces of gold demanded in this market is 16.05 . Part 2 (1 point) Suppose the quantity demanded of gold in this market is 9.60 ounces. Then the market price of an ounce of gold must be $

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