My Math Forum Demand function

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September 21st, 2017, 12:35 PM   #1
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Demand function

How... just... how :/ I cannot find the answers to both of them.
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Last edited by greg1313; September 21st, 2017 at 02:26 PM.

 September 25th, 2017, 05:32 AM #2 Newbie   Joined: Sep 2017 From: Latvia/Denmark Posts: 21 Thanks: 0 bump..
 September 25th, 2017, 06:36 AM #3 Senior Member   Joined: May 2016 From: USA Posts: 1,310 Thanks: 551 Please write the problem out so I can see it.
September 26th, 2017, 01:22 AM   #4
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Quote:
 Originally Posted by JeffM1 Please write the problem out so I can see it.
Q1 = 8 - P ; Q2 = 6 - 0.5P, how much is the total demand at price of 9.5, how much is the total demand at the price of 7.00?

 September 26th, 2017, 06:24 AM #5 Senior Member   Joined: May 2016 From: USA Posts: 1,310 Thanks: 551 This is a trick question in my opinion. Usually, demand curves are defined to be non-negative, and prices are to be defined as positive. So $0 < p < 8 \implies q_1(p) = 8 - p;\ \text { and } p\ge 8 \implies q_1(p) = 0.$ $0 < p < 12 \implies q_2(p) = 6 - 0.5p;\ \text { and } p\ge 12 \implies q_2(p) = 0.$ A common (though not universal) assumption in theoretical economics is that the total demand function is simply the sum of the individual demand curves. $\text {total demand} = t(p) = q_1(p) + q_2(p) \implies$ $0 < p < 8 \implies t(p) = 14 - 1.5p;\ 8 \le p < 12 \implies t(p) = 6 - 0.5p;\ \text { and } p \ge 12 \implies t(p) = 0.$ $\therefore \ t(9) = 6 - 4.5 = 1.50.$ $t(7) = 14 - 1.5p = 14 - 10.5 = 3.50.$

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