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Consider a small community made up of two individuals, Joseph and Michael. The local hardware store is selling table lamps at a price of 6 dollars per lamp. Joseph’s demand for lamps is given by: qJ = (18−3P 0≤P<6

(0 P≥6,

where P denotes the price per lamp. Michael’s demand for lamps is given by: qM= ( 15−3P 0≤P<10

( 0 P ≥ 10

(a) Graph the aggregate demand for lamps, along with the individual demand curves.

(b) Derive the total number of lamps that will be purchased.

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91707432

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