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1. Consider the market for a good that has 7 buyers, each having income $36. Let q denote the amount of the good and m

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1. Consider the market for a good that has 7 buyers, each having income $36. Let q denote the amount of the good and m the money left after buying the good. Buyers 1,2 have the same utility function u] = q - (12+ m. Buyers 3,4 have the same utility mction u3 = 109 - q2+ m. Buyers 5,6,7 have the same utility function u5 = 18q - q2+ m. Denote the price of the good by p. (a) Solving utility maximization problem, for each buyer m the individual demand. (b) Find the numerical value of the market demand Q when price p = 4. (c) For price p = 4, determine how much money is left with buyer 1 after buying the good. (d) For price p = 4, determine how much money is left with buyer 3 after buying the good. (e) [For price p = 4, determine how much money is left With buyer 5 after buying the good

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