(Solution) An economy has 100 consumers of type 1 and 200 consumers of type 2. > Snapessays.com


(Solution) An economy has 100 consumers of type 1 and 200 consumers of type 2.


An economy has 100 consumers of type 1 and 200 consumers of type 2. If the price of the good is less than $10, then each type 1 consumer demands 10 - p units of the good; otherwise each type 1 demands zero. If the price of the good is less than 8, then each type 2 demands 24 - 3p; otherwise each type 2 demands zero. If the price of the good is 6, then the total amount of the good demanded will be (Explain your answer. Unexplained answers will get zero) 1,600 units. 1,800 units. 2,000 units. 420 units. 1,200 units.

 


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This question was answered on: Sep 21, 2023

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