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October 24, 2014

Homework Help: Economics

Posted by Joe on Tuesday, October 2, 2012 at 8:54pm.

There are two types of consumers of potatoes: 10 are rich and 50 are poor. Every rich consumer has a demand of 0 for a price of $500/ton; and his/her demand decreases by 1 ton each time the price increases by $1/ton. Every poor consumer has a demand of 0 for a price of $280/ton; and his/her demand decreases by 2 tons each time the price increases by $1/ton. Interpret the differences between the demand of the rich and the demand of the poor. What is the total market demand for potatoes? Give the equation of the demand curve Q = D(P)?

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