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Suppose there are 20 consumers for a goo...

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 ?

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It can be seen from the given demand functions, that 20 consumer do not want to demand the goods at any price greater than or equal to `(10)/(3)`. All of them demand only at a price of less than Rs `(10)/(3)`.
For a single consumer d[P] = 10 - 3P For 20 consumers,
`d_("market")[P] = [10 xx 3P] xx 20 = 20 - 60 P`, for price `(10)/(3)` and `d_("market")[P] = 0`, ......, for price `gt = (10)/(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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