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An individual has the following demand function for a good: D(p), = 15 - 0.5p. (a) Calculate this individual's price elasticity of demand where price
An individual has the following demand function for a good: D(p), = 15 - 0.5p. (a) Calculate this individual's price elasticity of demand where price is p = 10 and interpret your answer. D(10), = 15 - 0.5(10) (b) Assume that there is only one other consumer of this good and that their demand function is: D(p), = 18 - 0.6p. Derive the market demand function for this good. (d) Assume that there are two firms suppling this good with identical individual supply functions: S(p); = 0.4p. Derive the market supply function for this good
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