the market for lemon has 10 potential consumers each having an individual demand curve p=101-10Q where P is price in dollars per cup and Q is the number of cups demanded per week by the consumer. find the market demanded curve what is the quantity demanded by each consumer and in the market as a whole when lemon is priced at p=$1/cup?
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Answer:
Individual demand=10units and market demand=100units at price(p)=$1/cup
Explanation:
Individual demand carve equation is given and identical.so to find the market demand carve,we have to just sump up 10 individual demand carve horizontally.
Therefore market demand carve (P)=1010-100Q . So when price is one dollar individual demand =10units,just set the price(p)=1 to above equation.and the market demand =10*10=100units.
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