Homework Answers
1. Q1 = 120- P (For college students)
When P=0 , Qd= 120
When Qd=0 , P=120
Q2 = 120-2P (For other town residents)
When P=0 ,Qd = 120
When Qd=0 , P=60
Total demand function : Q= Q1 + Q2
Q = 120-P+ 120- 2P
Q = 240- 3P
When P=0 , Qd= 240
When Qd= 0, P= 80
By plotting these we get the following graph :
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