What is the market demand equation
Question: A market consists of two individuals. Their demand equations are Q1 = 16-4P and Q2 = 20-2P respectively.
a. What is the market demand equation?
b. At a price of $2, what is the point price elasticity for each person and for the market?
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Their demand equations are Q1 = 16-4P and Q2 = 20-2P respectively. a. What is the market demand equation?
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a. Over what range of sales is demand elastic?
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