4. Thomas's demand for tango lessons is qr(p) = 140-3p. His friend Max has demand for tango lessons given by q (P) = 90-2p. Suppose the price per tango lesson is given by p = 42. (a) Draw on three separate graphs the individual demands of Thomas and Max, as well as their joint demand curve. (b) Compute the consumer surplus for both Thomas and Max.

4. Thomas's demand for tango lessons is qr(p) = 140-3p. His friend Max has demand for tango lessons given by q (P) = 90-2p. Suppose the price per tango lesson is given by p = 42. (a) Draw on three separate graphs the individual demands of Thomas and Max, as well as their joint demand curve. (b) Compute the consumer surplus for both Thomas and Max.

ECON MICRO

5th Edition

ISBN:9781337000536

Author:William A. McEachern

Publisher:William A. McEachern

Chapter6: Consumer Choice And Demand

Section: Chapter Questions

Problem 3.7P

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