Question
Hi Please can you help me with this question. I understand that the two equations need to be added as there are only 2 consumers
Hi
Please can you help me with this question. I understand that the two equations need to be added as there are only 2 consumers and that 100 must be substituted for "Q". But the answers I got is not the same as the options provided.
Suppose Harrod and Hicks are the only 2 consumers in a market. Harrod's demand curve for fluffy blankets is given by Q = 1348 - 4P, while Hick's demand curve is given by P + 2Q = 206 as shown in the diagram below. When the market quantity demanded is 100, what is the market price?
A. R312.00
B. R300.22
C. R6.00
D. R206.00
E. R1348.00
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