Laurel's individual demand for Harry Potter books is given by qL = 50 - 2P. There are N consumers in the market for Harry Potter books in Canada.

(a) What is the equation for the demand for Harry Potter books if all consumers have the same equation for demand as Laurel?

(b) What is the price elasticity of the market demand for Harry Potter books at a price P = 12.5? Compare it to Laurel's price elasticity of demand at the same price. Which is Larger? Why?

Identify each of the following as a change in demand or a change in quantity demanded.

(a) Grape consumption falls because of a consumer boycott

(b) Grape consumption falls because of a rise in the price of grapes

(c) Grape consumption falls because of a change in tastes against grapes