8. Andrew and Vladimir are neighbours who enjoy consuming caviar. The demand curve for caviar for Andrew and Vlad are given as follows: Andrew: Vladimir: p = 40-q. p = 80 - 4q. If Andrew and Vladimir are the only two consumers of caviar the market demand curve is kink at the price equals to: a. p = 40 b. p = 20 c. p = 10 d. p = 25

Microeconomics: Principles & Policy
14th Edition
ISBN:9781337794992
Author:William J. Baumol, Alan S. Blinder, John L. Solow
Publisher:William J. Baumol, Alan S. Blinder, John L. Solow
Chapter5: Consumer Choice: Individual And Market Demand
Section: Chapter Questions
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Question
8. Andrew and Vladimir are neighbours who enjoy consuming caviar. The demand curve for
caviar for Andrew and Vlad are given as follows:
Andrew:
Vladimir:
p = 40-q.
p = 80 - 4q.
If Andrew and Vladimir are the only two consumers of caviar the market demand curve is
kink at the price equals to:
a. p = 40
b. p = 20
c. p = 10
d. p = 25
Transcribed Image Text:8. Andrew and Vladimir are neighbours who enjoy consuming caviar. The demand curve for caviar for Andrew and Vlad are given as follows: Andrew: Vladimir: p = 40-q. p = 80 - 4q. If Andrew and Vladimir are the only two consumers of caviar the market demand curve is kink at the price equals to: a. p = 40 b. p = 20 c. p = 10 d. p = 25
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