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There are two types of consumers in a market for sheet metal. Let P represent the market price. The total quantity demanded by Type I consumers is Q1 = 150 – 3P, for 0 SPS 50. The total quantity demanded by Type Il consumers is Q2 = 30 - P, for 0SPS 30. Find the market demand for sheet metal, as a function. This question is based on problem 5.23 from Besanko and Breautigam, with some changes. Hint 1: like the examples done in class, your function will need to include two cases. Hint 2: the

There are two types of consumers in a market for sheet metal. Let P represent the market price. The total quantity demanded by Type I consumers is Q1 = 150 – 3P, for 0 SPS 50. The total quantity demanded by Type Il consumers is Q2 = 30 - P, for 0SPS 30. Find the market demand for sheet metal, as a function. This question is based on problem 5.23 from Besanko and Breautigam, with some changes. Hint 1: like the examples done in class, your function will need to include two cases. Hint 2: the

Microeconomic Theory
Microeconomic Theory
12th Edition
ISBN:9781337517942
Author:NICHOLSON
Publisher:NICHOLSON
Chapter5: Income And Substitution Effects
Section: Chapter Questions
Problem 5.1P
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Problem 3 There are two types of consumers in a market for sheet metal. Let P represent the market price. The total quantity demanded by Type I consumers is Q1 = 150 - 3P, for 0s Ps 50. The total quantity demanded by Type IIl consumers is Q2 = 30 - P, for 0SPS 30. Find the market demand for sheet metal, as a function. This question is based on problem 5.23 from Besanko and Breautigam, with some changes. Hint 1: like the examples done in class, your function will need to include two cases. Hint 2: the
Transcribed Image Text:Problem 3 There are two types of consumers in a market for sheet metal. Let P represent the market price. The total quantity demanded by Type I consumers is Q1 = 150 - 3P, for 0s Ps 50. The total quantity demanded by Type IIl consumers is Q2 = 30 - P, for 0SPS 30. Find the market demand for sheet metal, as a function. This question is based on problem 5.23 from Besanko and Breautigam, with some changes. Hint 1: like the examples done in class, your function will need to include two cases. Hint 2: the
demand for each consumer Type is already aggregated, so you will not need to multiply Q1 or Q2 by the number of consumers of that Type.
Transcribed Image Text:demand for each consumer Type is already aggregated, so you will not need to multiply Q1 or Q2 by the number of consumers of that Type.
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