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Suppose there are two consumers in the m...

Suppose there are two consumers in the market for a good and their demand functions are as follows :
`** d_(1)(p)=20-p` for any price less than or equal to 15, and `d_(1)(p) =0` at ant price greater than 15.
`** d_(2)(p) = 30-2p` for any price less than or equal to 15 and `d_(1)(p)=0` at any price greater than 15.
Find out the market demand function.

Text Solution

Verified by Experts

From the given demand functions, it can be seen that both the consumers do not want to demand that good for any price above Rs. 15. Both of them demand only at a price less than or equal Rs 15. Hence, the market demand will be :
`d_("market")(p)=d_(1)(p)+d_(2)(p)`
`d_("market")(p)=20 - p + 30 - 2p`
`d_("market")(p) = 50 -3p` for any price less than or equal to 15 and `d_("market")(p)=0` at any price greater than 15.
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