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The director of a college theater company is trying to forecast the demand for tickets to her new play. She hired an economic consulting firm
The director of a college theater company is trying to forecast the demand for tickets to her new play. She hired an economic consulting firm and the economists identified two groups of demanders -- the general non-university public (QPublic) and students (QStudents) and estimated each group's demand relationship:
QPublic= 500 - 5P
QStudents= 200 - 4P
where QPublicand QStudentsare the quantity demanded by each group and P represents the price per ticket. What is the market demand relationship (or function)?
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