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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. $\text {total demand} = t(p) = q_1(p) + q_2(p) \implies$ $0 < p < 8 \implies t(p) = 14 - 1.5p;\ 8 \le p < 12 \implies t(p) = 6 - 0.5p;\ \text { and } p \ge 12 \implies t(p) = 0.$ $\therefore \ t(9) = 6 - 4.5 = 1.50.$ $t(7) = 14 - 1.5p = 14 - 10.5 = 3.50.$ Tags demand, function Thread Tools Show Printable Version Email this Page Display Modes Linear Mode Switch to Hybrid Mode Switch to Threaded Mode Similar Threads Thread Thread Starter Forum Replies Last Post jonathanjhc Economics 1 February 1st, 2017 09:01 PM blimper Algebra 4 August 25th, 2016 04:48 PM Pumaftw Economics 0 September 15th, 2015 04:13 AM tsl182forever8 Calculus 1 March 2nd, 2012 02:47 PM Mathematica Applied Math 0 March 1st, 2012 07:58 AM

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