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aggregate demand Consider the following (inverse) demand functions: (a) p = 1.5 q and (b) p : 1 q. 1. (10 points) Suppose there are

aggregate demand
Consider the following (inverse) demand functions: (a) p = 1.5 q and (b) p : 1 q. 1. (10 points) Suppose there are 4 consumers with type(a) demands and 2 consumers with type-(b) demands. What is the aggregate demand of this economy? Hint: the result is a piecewise function. 2. (10 points) Calculate the ownprice elasticity for demand (a), demand (b), and the aggregate demand when p : 1/2

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