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Problem:

Tom, Henry and Dick constitute the entire market for cod.

Tom's demand curve is given by:

Qt= 100 - 2P, For p ≤ 50; Qt= 0 for P> 50

Henry's demand curve is given by:

Qh= 120 - 3P For P≤ 40;Qt= 0 for P>40

Dick's demand curve is given by:

Qd= 140 - 4P For P ≤ 35; Qt= 0 for P> 35

Required:

A. Please graph Tom's demand curve with vertical axis as price and horizontal axis as quantity.

B. Please graph Henry's demand curve with vertical axis as price and horizontal axis as quantity.

C. Please graph Dick's demand curve with vertical axis as price and horizontal axis as quantity.

D. Please use the individual demand curves to construct the total market demand for cod.

Macroeconomics, Economics

  • Category:- Macroeconomics
  • Reference No.:- M91806080
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