Consider a situation where Ron (R) and Nancy (N) have demands for a private good that can be represented by the following functions: D_R: Q_R = 18 - 3P_R D_N: Q_N = 11 - 2P_N If Ron and Nancy are the only two consumers of this private good and the supply function for the good is: S: Q = -1 + P What is the aggregate quantity of the good they buy?
Consider a situation where Ron (R) and Nancy (N) have demands for a private good that can be represented by the following functions: D_R: Q_R = 18 - 3P_R D_N: Q_N = 11 - 2P_N If Ron and Nancy are the only two consumers of this private good and the supply function for the good is: S: Q = -1 + P What is the aggregate quantity of the good they buy?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Consider a situation where Ron (R) and Nancy (N) have
D_R: Q_R = 18 - 3P_R
D_N: Q_N = 11 - 2P_N
If Ron and Nancy are the only two consumers of this private good and the supply function for the good is:
S: Q = -1 + P
What is the aggregate quantity of the good they buy?
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