Suppose there are two consumers in the market for a good and their demand functions are as follows:
d1(p)=20−p for any price less than or equal to 20 and d1(p)=0 at any price greater than 20.
d2(p)=30−2p for any price less than or equal to 15 and d1(p)=0 at any price greater than 15.
Find out the market demand function.
Suppose there are 20 consumers for a good and they have identical demand d(p) = 10 - 3p for any price less than or equal to 103 and d1 (p)=0 at any price greater than 103. What is the market demand function?
Consider the following demand and supply functions for a good.
Quantity demanded = 160 - 2p
Quantity supplied = - 40 + 2p
(i) Calculate the equilibrium price and quantity.
(ii) Find out a price at which there is excess demand.
(iii) Find out a price at which there is excess supply.