Suppose there are 3 types of consumers with demand: 𝑄𝑑 = 10 − 2𝑝
If there are three types of consumers with demand, we can denote them as follows:
Type 1: Q₁d = 10 - 2p
Type 2: Q₂d = 10 - 2p
Type 3: Q₃d = 10 - 2p
In this case, all three types of consumers have the same demand function, given by Qd = 10 - 2p. This means that each type of consumer will have the same quantity demanded at any given price.
This assumption implies that all three types of consumers are identical in terms of their willingness to pay for the good. They are equally sensitive to changes in price and have the same preference for the good.
Therefore, the market demand would be the sum of the individual demands of all three types of consumers:
Qd = Q₁d + Q₂d + Q₃d
Qd = (10 - 2p) + (10 - 2p) + (10 - 2p)
Qd = 30 - 6p
So, the market demand is given by Qd = 30 - 6p.
If there are three types of consumers with demand represented by the equation 𝑄𝑑 = 10 − 2𝑝, where 𝑄𝑑 represents the quantity demanded and 𝑝 represents the price, we can analyze the equation to understand the relationship between price and quantity demanded.
1. To begin, we need to determine the demand equation for each type of consumer. Since there are three types, let's denote them as 𝑄𝑑1, 𝑄𝑑2, and 𝑄𝑑3.
2. The demand equation for the first type of consumer, 𝑄𝑑1, is 𝑄𝑑1 = 10 − 2𝑝. This means that for every unit decrease in price, the quantity demanded by this type of consumer will increase by 2 units.
3. The demand equation for the second type of consumer, 𝑄𝑑2, is also 𝑄𝑑2 = 10 − 2𝑝. Therefore, the price-quantity relationship is the same as the first type of consumer.
4. The demand equation for the third type of consumer, 𝑄𝑑3, is 𝑄𝑑3 = 10 − 2𝑝. Again, the price-quantity relationship is the same as the first and second types of consumers.
Therefore, the demand equations for all three types of consumers are identical: 𝑄𝑑1 = 𝑄𝑑2 = 𝑄𝑑3 = 10 − 2𝑝.
To determine the types of consumers with demand of 𝑄𝑑 = 10 − 2𝑝, we can analyze the equation and identify the characteristics of each type of consumer.
In this case, the demand equation is 𝑄𝑑 = 10 − 2𝑝, where 𝑄𝑑 represents the quantity demanded and 𝑝 represents the price.
To understand the types of consumers, we need to consider how they respond to changes in price. Let's analyze the equation:
𝑄𝑑 = 10 − 2𝑝
From the equation, we can observe that the quantity demanded (𝑄𝑑) decreases when the price (𝑝) increases. This suggests an inverse relationship between quantity demanded and price.
Based on this relationship, we can categorize the types of consumers as follows:
1. Type 1: Consumers who are highly sensitive to price changes
- These consumers have a high price elasticity of demand. Even a small increase in price can lead to a significant decrease in quantity demanded.
- Their demand curve is relatively elastic, meaning it is more horizontal.
2. Type 2: Consumers who have average sensitivity to price changes
- These consumers have a moderate price elasticity of demand. Changes in price moderately influence their quantity demanded.
- Their demand curve has a moderate slope, neither too steep nor too flat.
3. Type 3: Consumers who are less sensitive to price changes
- These consumers have a low price elasticity of demand. Changes in price have minimal impact on their quantity demanded.
- Their demand curve is relatively inelastic, meaning it is more vertical.
It is important to note that the categorization of consumers into these types is based on the assumption that price is the only factor affecting demand. In reality, consumers' preferences, income levels, and other external factors can also influence their demand.
To further analyze and classify consumers into these types, you would need additional information, such as the market price of the product, actual quantities demanded, and specific price ranges.