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3. In a function particular county in California, the demand fuuction for each person i for a particular kind of good is where Q4 denotes the quantity demanded for person i, I, is the income for personi, and P is the price of the good (which remains constant). The supply function for this particular good is Qs =-30 + 10P where Q is the quantity supplied of the good by firm j. There are 5 firms total, and 100 consumers total. Further assume that the total income for the arca is $50,000 (a) Find Σ | Q.. Note, your answer will be in terms of (b) Find CQ. Note your answer will be in terms of (c) Find the price P where the total quantity supplied (d) Find the price P where the total quantity supplied unknown price P. unknown price P. is cqual to the total quantity demanded. is one half that of the total quantity demanded.
math   Statistics-And-Probability   
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