Two consumers have different functions of individual demand: QD1 = 5 – P and QD2 = 10 – 2 * P.
| November 23, 2020 | education
Two consumers have different functions of individual demand: QD1 = 5 – P and QD2 = 10 – 2 * P. Determine the market demand if two customer data are the only ones in the market.
Market demand is the sum of all individual demands. We are given two single consumers in the market and their individual demands, then in order to get market demand, we summarize their individual demands:
Qd = (5-P) + (10-2P) = 5-P + 10-2P = 15-3P
Qd = 15-3P
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