microeconmoics

Suppose we have n consumers of a good, indexed by 1', 1' = 1, 2, . . . ,n. Let each consumer's demand for the good be 19- : i p. 1. (6 points) Sketch a picture of what the aggregate demand curve for this good would look like. Where is the function steepest? Least steep? 2. (6 points) What is the formula for aggregate demand for the range p 6 {0,1}? What is the formula for aggregate demand for the range 33 E {n 1, H}? You may use the fact that the sum of the rst 71 integers is n(n 1)/2. 3. (6 points) What is the elasticity of demand at p = 1/2? What is the elasticity of demand at p = n 1/2