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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

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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