Somewhat lost on this question in my resource economics class. Any help would be great.
Homework Answers
Market demand curve is the vertical summation of individual demand curve
P=P1+P2
P=19-2Q. Q=9.5-0.5P and for market outcome price=MC
Thus 19-2Q=Q
Q=19/3=6.33 and price=6.33
and For Q=6.33,
Alice pays=10-6.33=3.667 and Bob Pays=9-6.333=2.667 and Q=6.33
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