Question

The market of lemon has 10 potential consumer each individual demand curve p=101-10qi find market demand curve using algebra

Answer 1

Answer:

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.

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