Question

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: p = 192.00 - 32.00 x QH, Frank: p = 144.00 - 24.00 XOF Luis: p = 12.00 - 2.00 x QL. QhQF, and QL are the quantities (in ounces) demanded by Hugh, Frank, and Luis, respectively. Below,give all answers to two decimals. 2nd attempt Part 1 (1 point) Feedback See Hint Suppose the price of an ounce of gold is p = $12.00. The total ounces of gold demanded in this market is 11.125 Part 2 (1 point) X Feedback See Hint Suppose the quantity demanded of gold in this market is 10.83 ounces. Then the market price of an ounce of gold must be * $ 18.97

Answer 1

#Hugh : P. 192 - 82 On - 32Q na 192-P Ono 192 - 1/2 [an 26 0.03125 P Frank: P, 144 - 24 Qp 24 Os 144 - P » Qpz 6-0.167 P huis: P2 12-26 IQL: -P + 12 Q₂.6-0.5P Market - demand can be given by Qnt Gp + QL 216-0.03125 P) + (6-0.04 1670) +(6-0.50) 1Q 218 - 0.57292p & Market demand h Atp . $12 Q. 18 - (0.57192112) 11.12496 1 @ : 11.12 At P = $12.00. The tote ounce of gold demanded in this Market in 11.12 & Q: 10.83 ounce so 10.880 18- 0.572929 p. 18-10.83 0.57292 [P₂ 12.51 The Market Price of an ounce of gold Mut le $ [ 12.511 CamScanner