Question: Hi Please can you help me with this question. I understand that the two equations need to be added as there are only 2 consumers

Hi

Please can you help me with this question. I understand that the two equations need to be added as there are only 2 consumers and that 100 must be substituted for "Q". But the answers I got is not the same as the options provided.

Suppose Harrod and Hicks are the only 2 consumers in a market. Harrod's demand curve for fluffy blankets is given by Q = 1348 - 4P, while Hick's demand curve is given by P + 2Q = 206 as shown in the diagram below. When the market quantity demanded is 100, what is the market price?

A. R312.00

B. R300.22

C. R6.00

D. R206.00

E. R1348.00

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!