5. Suppose the quantity of good X demanded by individual 1 is given by X₁ = 10-2Px + 0.017₁ +0.4Py and the quantity of X demanded by individual 2 is X₂=5 - Px +0.021₂ +0.2Py a) What is the market demand function for total X (= X₁ +X₂) as a function of Px, I1, I2, and Py. b) Graph the two individual demand curves (with X on the horizontal axis, Px on the vertical axis) for the case I₁ = 1000, I₂ = 1000, and Py = 10. c) Using these individual demand curves, construct the market demand curve for total X. What is the algebraic equation for this curve?

5. Suppose the quantity of good X demanded by individual 1 is given by X₁ = 10-2Px + 0.017₁ +0.4Py and the quantity of X demanded by individual 2 is X₂=5 - Px +0.021₂ +0.2Py a) What is the market demand function for total X (= X₁ +X₂) as a function of Px, I1, I2, and Py. b) Graph the two individual demand curves (with X on the horizontal axis, Px on the vertical axis) for the case I₁ = 1000, I₂ = 1000, and Py = 10. c) Using these individual demand curves, construct the market demand curve for total X. What is the algebraic equation for this curve?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Hello Please answer C, D, E Thanks Mahboob
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