11. Suppose Jacob and Julius are the only 2 consumers in a market. Jacob's demand curvefor TVs is given by Q 1348 - 4P, while Julius's demand curve is given by P + 2Q206 as shown in the diagram below. When the market quantity demanded is 600,what is the market price?337206JacobJulius1031348A. R312.34B. R189.11C. R56.00D. R206.22E. R807.00

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Asked Feb 7, 2019

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11. Suppose Jacob and Julius are the only 2 consumers in a market. Jacob's demand curve
for TVs is given by Q 1348 - 4P, while Julius's demand curve is given by P + 2Q
206 as shown in the diagram below. When the market quantity demanded is 600,
what is the market price?
337
206
Jacob
Julius
103
1348
A. R312.34
B. R189.11
C. R56.00
D. R206.22
E. R807.00 — Image Transcription
11. Suppose Jacob and Julius are the only 2 consumers in a market. Jacob's demand curve for TVs is given by Q 1348 - 4P, while Julius's demand curve is given by P + 2Q 206 as shown in the diagram below. When the market quantity demanded is 600, what is the market price? 337 206 Jacob Julius 103 1348 A. R312.34 B. R189.11 C. R56.00 D. R206.22 E. R807.00

Expert Answer

Step 1

From the equations in the question, we see that the demand of Jacod abd Julius is given.

From the diagrams we see that, At price 206, Julius demands 0 and at price 337, Jacob demands 0. Using the equations, we arrive at 5P +Q = 1142.

Step 2

Substituting 600 in the quantities in the market equation of 5P + Q = 1142,
we ge...

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