Laurel's individual demand for Harry Potter books is given by Ql = 50 - 2P . There are N consumers in the market for Harry Potter books in
- What is the equation for the market demand for Harry Potter books if all consumers have the same equation for demand as Laurel?
- What is the price elasticity of the market demand for Harry Potter at P = 12.5? Compare it to Laurel's price elasticity of demand at the same price. Which is larger? Why?