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In a particular town there are 100 cars and 50 motorcycles. Each car owner has a demand curve for petrol given by: Qdc = 20 - 5p for p less than or equalto 4 and Qdc = 0 for p > 4. Each motorcycle owner has the following demand function for petrol: Qdm = 15 - 3p for p lessthanorequalto 5 and Qdm = 0 for p > 5. Prices are expressed as SR per gallon, and quantities as gallons per week.

If the price is SR 3, how many gallons of petrol per week are bought by (i) each car owner and (ii) each motorcycle owner?

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M92203455

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