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Suppose the market was made up of two demanders. Demander 1 has a demand function given by: qD= 10 - 5P . Demander 2 has
Suppose the market was made up of two demanders. Demander 1 has a demand function given by:qD= 10 - 5P. Demander 2 has a demand function given by:qD= 80 - 20P.
The horizontal summation of these two demand functions will, when graphed, have a kink (point where the slope changes). Determine the price associated with the kink in the total demand function.
(Do not include a dollar sign in your response. Round to the nearest 2 decimal places if necessary.)
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