Home
Class 11
ECONOMICS
Let three be two consumers in the market...

Let three be two consumers in the market. Their demand functions are given. Calculate market dd.
`d_(1)(P)=30-P` for `Ple30` and `d_(1)(P)=0` for `P lt 30`
`d_(2)(P)=50-P` for `Ple50` and `d_(2)(P) =0` for `Plt50`

Text Solution

Verified by Experts

`d_(m)(P) = 30-P+50-P=80-2P` for `Plt40`
and `d_(m)(P) = 0` if `Plt50` (as some consumer are ready to but at Rs. 50)
Promotional Banner

Topper's Solved these Questions

  • THEORY OF DEMAND

    RADHA BHUGANA|Exercise LET US RECAPITULATE|11 Videos

  • THEORY OF DEMAND

    RADHA BHUGANA|Exercise MULTIPLE CHOICE QUESTIONS|11 Videos

  • SIMPLE APPLICATIONS OF TOOLS OF DEMAND AND SUPPLY

    RADHA BHUGANA|Exercise Long answer|3 Videos

  • THEORY OF SUPPLY : LAW OF SUPPLY AND ELASTICITY OF SUPPLY

    RADHA BHUGANA|Exercise LET US RECAPITULATE|9 Videos

Similar Questions

Explore conceptually related problems

Let there be two consumers A and B in the market for a good. Their demand functions are given below. Find out the market demand function: (i) d_(A)(P) =20-P for ple20 and d_(A)(P)=0 if P gt 20 (ii) d_(B)(P)=30-2P for P le 15 and d_(B)(P)=0 if P gt 15

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.

There are only 3 consumers (X, Y and Z) in a market and there demand functions are given as : Q_(X) = 30 - 2P , Q_(Y) = 40 - 3P , Q_(Z) = 50 - 4P From the given individual demand functions, determine the market demand function. Also, calculate the market demand at a price Rs. 10 per unit.

If the demand function is D=(p+6)/(p-3) Find the elasticity of demand at p = 4.

Suppose there are 20 consumers for a good and they have identical demand functions : d(p) = 10 -3p for any price less than or equal to (10)/(3) and d_(1)(p) 0 at any price greater than (10)/(3) . What is the market demand funciton ?

Let p be a prime number such that 3

If the demand function is D=50 - 3p -p^(2) . Find the elasticity of demand at (i) p=5, (ii) p=2. Comment on the result.

Let p be prime number such that 3 < p < 50 , then p^2 - 1 is :