Suppose a market has 10 consuers, each with inverse demand curve p=10-5qi, where i=1,2.,10, p is the price per unit and qi is the quantity demanded by ith consumer. Find the market demand curver.
Answer:
downward
sustitute the values for different inatances and draw the graph.
The market demand curve will also be inverse
The market demand curve will be the sum of the individual demand curves:
P = 100 - 5*Sum(qi's)
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