Question

the market for lemon has 10 potential consumers, each having an individual demand curve p=101-10Qi,where p is the price in dollars per cup and Qi is the number of cups demanded per week by the ith consumer. find the market demand curve using algebra. draw an individual demand curve and the market demand curve. what isthe quantity demanded by each consumer and in the market as a whole when lemon is priced at p = $1/cup?​

Answer 1

For 16 kilometres, the fare will be ₹ X + 15Y. For 10 kilometres, the fare is ₹ 40. For 16 kilometres, the fare is ₹ 58. ∴ The fare for the first kilometre is ₹ 13.

Answer 2

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a) Finding the market demand curve :

P=101-10Qi

=> Qi=101/10 - P/10

=> Qi=10.1 - 0.1P

=> Qi=101-P

=> Q (market demand curve) = 10Qi 

b)Quantity demand by each number in the market as a whole when lemon is priced at p=$1/cup

=> Q  = 10(101 - 1)

=> Q = 1000

1000 lemons are demanded in the market at a time.