Question

Suppose consumer 1 has a demand P = 10-2Q and a consumer 2 has a demand...

Suppose consumer 1 has a demand P = 10-2Q and a consumer 2 has a demand P = 5-Q. What does the equation for the market demand curve look like in the range 0 <_ P <_ 5?

The answer is Q = 10-3/2P. How do I get this?

0 0
Add a comment Improve this question Transcribed image text
Request Professional Answer

Request Answer!

We need at least 10 more requests to produce the answer.

0 / 10 have requested this problem solution

The more requests, the faster the answer.

Request! (Login Required)


All students who have requested the answer will be notified once they are available.
Know the answer?
Add Answer to:
Suppose consumer 1 has a demand P = 10-2Q and a consumer 2 has a demand...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Similar Homework Help Questions
  • 1. Let demand be P(Q) = 6 - 2. What is the price elasticity of demand...

    1. Let demand be P(Q) = 6 - 2. What is the price elasticity of demand at Q = 4? a. E = C. b. E= E = -4 d. E= -2 2. Suppose we have 3 types of households each with private demand for a public good (like flood protection) of P1(Q) = 5, P2(Q) = 10 - Q, and P3(Q) = 20 – 2Q. What is the social demand curve for the range Q < 10? a. Ps(0=...

  • 8. Suppose the inverse demand equation for unleaded gasoline is P = 16−2Q, and the inverse...

    8. Suppose the inverse demand equation for unleaded gasoline is P = 16−2Q, and the inverse supply equation is P = 0.5Q, where P is per gallon price. The government decides to impose a $1 excise tax on gas. Gas stations file the tax. How much does a consumer pays for each gallon in equilibrium after the imposition of tax? How much does a gas station get for each gallon sold? A. Gas station gets $4 per gallon, consumer pays...

  • 7. Suppose the inverse demand equation for rental apartments is P = 2000 – Q and...

    7. Suppose the inverse demand equation for rental apartments is P = 2000 – Q and the inverse supply equation for rental apartments is P=Q. Suppose there's a policy that restricts the price (monthly rental) to not exceed $1200. Which of the following statement is correct? A. The market equilibrium price will be $1200. B. There will be no excess demand or excess supply. C. There will be an excess demand of 400 units. D. There will be an excess...

  • 2. Suppose the market supply function for natural gas is P = 10 + 2Q and...

    2. Suppose the market supply function for natural gas is P = 10 + 2Q and the market demand function of natural gas is P = 70 - Q, where P is the price of the natural gas per cubic feet and Q is the quantity of natural gas bought and sold. 1) What are the equilibrium price and quantity of natural gas in a competitive market? 2) Compute the consumer surplus and producer surplus. Assume the government imposes a...

  • 1. Let demand be P(Q) = 6-Q. What is the price elasticity of demand at Q...

    1. Let demand be P(Q) = 6-Q. What is the price elasticity of demand at Q = 4? a. E = - b. E= - 2 C. E = -4 d. ε = -2 2. Suppose we have 3 types of households each with private demand for a public good (like flood protection) of P1(Q) = 5, P2(Q) = 10 - Q, and P3(Q) = 20 – 2Q. What is the social demand curve for the range Q < 10?...

  • The market demand for laptops is P=32-2Q and the market supply is P=8+2Q. What is consumer...

    The market demand for laptops is P=32-2Q and the market supply is P=8+2Q. What is consumer surplus at the market equilibrium? a.12 b.24 c.36 d.72

  • 3. For each of the following demand curves i) Find the price-elasticity of demand in terms...

    3. For each of the following demand curves i) Find the price-elasticity of demand in terms of P ii) Determine the range of P values for which the de- mand curve is perfectly elastic, elastic, unitary elas tic, inelastic and perfectly inelastic (your answer will look like, the demand is inelastic for 0< P < 10, unitary elastic at P 10, etc) iii) Calculate the price-elasticity of demand at P-3 and give an interpretation in words of what that means...

  • 3. For each of the following demand curves i) Find the price-elasticity of demand in terms...

    3. For each of the following demand curves i) Find the price-elasticity of demand in terms of P ii) Determine the range of P values for which the de- mand curve is perfectly elastic, elastic, unitary elas tic, inelastic and perfectly inelastic (your answer will look like, the demand is inelastic for 0< P < 10, unitary elastic at P 10, etc) iii) Calculate the price-elasticity of demand at P-3 and give an interpretation in words of what that means...

  • Find the market equilibrium point for the following demand and supply functions. Demand:     p = −2q...

    Find the market equilibrium point for the following demand and supply functions. Demand:     p = −2q + 290 Supply:     p = 8q + 2 (q, p) = Demand:     2p = −q + 88 Supply: 3p − q = 72 (q, p) = Demand:     p = −5q + 220 Supply:     p = 16q + 10

  • For each of the following demand curves: i) Find the price-elasticity of demand in terms of...

    For each of the following demand curves: i) Find the price-elasticity of demand in terms of P. ii) Determine the range of P values for which the demand curve is perfectly elastic, elastic, unitary elastic, inelastic and perfectly inelastic (your answer will look like, the demand is inelastic for 0 < P < 10, unitary elastic at P = 10, etc). iii) Calculate the price-elasticity of demand at P = 3 and give an interpretation in words of what that...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT