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1. (20pts) Dave Hill and I decided to survey all our neighbors regarding lobster dinner. It turns out that there are two distinct groups of

1. (20pts) Dave Hill and I decided to survey all our neighbors regarding lobster dinner. It turns out that there are two distinct groups of people within our neighborhood. Group 1 really likes lobsters, while Group 2 prefers steak. The individual continuous demand curve for each member of Group 1 is Q= 50 - 0.5P and there are 100 people in this group. The individual demand curve for each member of Group 2 is Q= 25-0.5P and there are 200 people in this group

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