a. Supply: Suppose the following information is known about a market:

1. Sellers will not sell at all below a price of $2. 2. At a price of $10, any given seller will sell 10 units. 3. There are 100 identical sellers in the market.

Assuming a linear supply curve, use this information to derive the market supply curve.

b. Demand:SupposethedemandforaparticularproductcanbeexpressedasQ=100/p.Calculatethetotal amount spent on this good when p = 10, 20, and 50. Can you make a generalization about the mathematical form of this demand curve and consumer behavior in this market?