Managerlal EconomicsSummer 2018Section 001 Homework Chapter

Managerlal Economics-Summer 2018-Section 001 Homework: Chapter 2: Supply and Dem Score: 0 of 1 pt 4 of 18 (14 complete) Concept Question 1.6 wo Suppose Jim has a demand curve of nt QJ-8-p, and Sam has a demand curve of: o-60.5p How much is the total demand at a price of $9.00? ? units round your answer to two decimal p Enter your answer in the answer box and then click Check Answer part Clear All

Solution

To get the total demand at $9, just replace the P with 9 in both the equations and then sum the results.

Qj = 8 - 9 = -1. Since, demand cant be negetive, we take Qj = 0

Qs = 6 - 0.5(9) = 6 - 4.5 = 1.5

Total demand = 0 + 1.5 = 1.5