Intermediate Microeconomics and Its Application 12th Edition by Walter Nicholson,Christopher Snyder

Exercise 17

Tom, Dick, and Harry constitute the entire market for scrod. Tom's demand curve is given by
Q 1 = 100 ? 2P
for P ? 50. For P 50, Q 1 = 0. Dick's demand curve is given by
Q2 = 160 ? 4P
for P ? 40. For P 40, Q 2 = 0. Harry's demand curve is given by
Q3 = 150 ? 5P
for P ? 30. For P 30, Q 3 = 0. Using this information, answer the following:
a. How much scrod is demanded by each person at P = 50? At P = 35? At P = 25? At P = 10? And at P = 0?
b. What is the total market demand for scrod at each of the prices specified in part a?
c. Graph each individual's demand curve.
d. Use the individual demand curves and the results of part b to construct the total market demand for scrod.