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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

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It can be seen from the given demand functions that Consumer1 do not want to emand the goofs for any price greater than or equal Rs 20 and consumer 2 do not want to demand the goods for any price greater than Rs 15.
Hence, the market demand function will be,
`d_("market")[P] = d_(1)[P] + d_(2)[P]`
`d_("demand")[P] = 20 -P + 30 -2P`
`d_("market")[P] = 50 - 3P`, for any price `lt 50 //3` and
`d_("market")[P] = 0.` any for any Price `gt = 50//3`.
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FULL MARKS-DEMAND -NCERT TEXTBOOK QUESTIONS SOLVED
  1. Suppose there are two consumers in the market for a good and their dem...

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  2. Suppose there are 20 consumers for a good and they have identical dema...

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  3. Consider a market where there are just two consumer and suppose their ...

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  4. What do you mean by a normal good?

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  5. When a good is called normal goods ?

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  6. What do you mean by an 'inferior good'? Give some examples.

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  7. Give the meaning of inferior good and explain the same with the help o...

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  8. What do you mean by substitutes? Give examples of two goods which are ...

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  9. What do you mean by complements? Give examples of two goods which are ...

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  10. What is meant by demand ?

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  11. Define market demand.

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  12. Due to rise in price of commodity x the demand of commodity y falls. W...

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  13. Due to rise in price of commodity x the demand of commodity y falls. W...

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  14. How will an increase in the price of petrol affect the demand curve of...

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  15. A fall in the income of the consumer leads to a rise in the demand for...

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  16. What is meant by the law of demand?

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  17. When the demand for a good rises due to a fall in its own price, what ...

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  18. Define 'change in demand'.

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  19. What causes an upward movement along a demand curve of a commodity?

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  20. Give one reason for a shift in demand curve.

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