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a. [10] Assume Person 1. has the following demand schedule: Q = 0, P = 9; Q = 0, P = 8; Q =6, P
a. [10] Assume Person 1. has the following demand schedule: Q = 0, P = 9; Q = 0, P = 8; Q =6, P = 7; Q = 15, P = 6; Q = 20, P = 5. Person 2. has the demand schedule of: Q = 0, P = 9; Q = 7, P = 8; Q = 8, P = 7; Q = 20, P = 6; Q = 25, P = 5. Person 3. has a demand for the good described by: Q = 0, P = 9; Q = 0, P = 8; Q = 0, P = 7; Q = 0, P = 6; Q =6, P = 5 and the market is composed of these three consumers. Draw this demand curve. What will be the market demand when equilibrium price is 7? What is the consumer surplus at that price level
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