Types Of Consumers
2:41
Types Of Consumers
Oct 7, 2017
weebly.com
12. Two kinds of consumers exist for a product Z in a market. One kind of consumer has an intense liking for the product, with an inverse demand curve of P=20-Q, where P is the price of Z and Q is the quantity of Z. The other type of consumer has a less intense liking for the product and has an inverse demand curve of P=5-(1/2)*Q. Suppose that there are only two consumers in the market, one of each type. The market demand curve for Z will be:a. Q=p for all price levels p.b. Q=30-3P for all price
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