Suppose Lou's demand for good X is given by XL =74 - P/ 6 and Dora's demand for good X is given by XD =129 -P/4 where x; denotes the quantity demanded by person i, i=L, D and P denotes the price of the good. N. What is the maximum amount Lou would be willing to pay for a total 34 units of good X (assuming he has zero units)?

Suppose Lou's demand for good X is given by XL =74 - P/ 6 and Dora's demand for good X is given by XD =129 -P/4 where x; denotes the quantity demanded by person i, i=L, D and P denotes the price of the good. N. What is the maximum amount Lou would be willing to pay for a total 34 units of good X (assuming he has zero units)?

Microeconomics: Principles & Policy

14th Edition

ISBN:9781337794992

Author:William J. Baumol, Alan S. Blinder, John L. Solow

Publisher:William J. Baumol, Alan S. Blinder, John L. Solow

Chapter5: Consumer Choice: Individual And Market Demand

Section: Chapter Questions

Problem 3DQ

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