Homework Answers
Writing the inverse demand functions
For Jim : p = 8-Q
For Sam : .5p = 6-Q
P=12-2*Q
Thus the maximim willingness to pay for Jim is $8, so at price of 9, demand comes from only Sam , hence total demand is Q = 6-.5*9
= 1.5 units
now at price = 7.5, both have a positive demand
So total demand is sum of two individual demands = .5 + 2.25
( 8-.5 + 6-.5*7.5) = .5+2.25 = 2.75 units
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