4. Thomas's demand for tango lessons is qr(p) = 140-3p. His friend Max has demand for tango lessons given by q (P) = 90-2p. Suppose the price per tango lesson is given by p = 42. (a) Draw on three separate graphs the individual demands of Thomas and Max, as well as their joint demand curve. (b) Compute the consumer surplus for both Thomas and Max.

4. Thomas's demand for tango lessons is qr(p) = 140-3p. His friend Max has demand for tango lessons given by q (P) = 90-2p. Suppose the price per tango lesson is given by p = 42. (a) Draw on three separate graphs the individual demands of Thomas and Max, as well as their joint demand curve. (b) Compute the consumer surplus for both Thomas and Max.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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