Part 1Suppose the price of an ounce of gold is p = $12.00. The total ounces of gold demanded in this market isPart 2Suppose the quantity demanded of gold in this market is 9.60 ounces. Then the market price of an ounce of gold must be$ 01 QuestionHugh, Frank, and Luis are the only three buyers of gold in a small mining town. Their inverse demand functions for gold are as follows:Hugh: p=240.00-40.00 × Qu.Frank: p= 48.00-8.00 × QF.Luis: p= 12.00-2.00 × QLSeQH-QF, and QL are the quantities (in ounces) demanded by Hugh, Frank, and Luis, respectively.

For Hugh: Qh = (240-p)/40 For Frank: Qf = (48-p)/8 For Luis: QL = (12-p)/2

suppose the price of an ounce of gold is p = $12.00. The total ounces of gold demanded in this market is Part 2 suppose the quantity demanded of gold in this market is 9.60 ounces. Then the market price of an ounce of gold must

suppose the price of an ounce of gold is p = $12.00. The total ounces of gold demanded in this market is Part 2 suppose the quantity demanded of gold in this market is 9.60 ounces. Then the market price of an ounce of gold must

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter6: Elasticities

Section: Chapter Questions

Problem 5P

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Question

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Part 1
Suppose the price of an ounce of gold is p = $12.00. The total ounces of gold demanded in this market is
Part 2
Suppose the quantity demanded of gold in this market is 9.60 ounces. Then the market price of an ounce of gold must be
$

01 Question
Hugh, Frank, and Luis are the only three buyers of gold in a small mining town. Their inverse demand functions for gold are as follows:
Hugh: p=240.00-40.00 × Qu.
Frank: p= 48.00-8.00 × QF.
Luis: p= 12.00-2.00 × QL
Se
QH-QF, and QL are the quantities (in ounces) demanded by Hugh, Frank, and Luis, respectively.

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