Suppose there are 20 consumers for a good and they have identical demand functions : `d(p) = 10 -3p` for any price less than or equal to `(10)/(3) and d_(1)(p) 0` at any price greater than `(10)/(3)`. What is the market demand funciton ?

Suppose there are 20 consumers for a good and they have identical dema

1.	Suppose there are 20 consumers for a good and they have identical demand functions : `d(p) = 10 -3p` for any price less than or equal to `(10)/(3) and d_(1)(p) 0` at any price greater than `(10)/(3)`. What is the market demand funciton ?
Answer» From the given demand function, It can be seen that all the consumers demand only when price is either less than or equal to `(10)/(3)`. Hence, the market demand will be : `d_("market")(p)=20{d(p)}` `d_("market")(p) = 20{10-3p}` `d_("market")(p)=200-60 p` for any price less than or equal to `(10)/(3)` and d market (p)=0 at any price greater than `(10)/(3)`.