Asked by
salih al awsi
on Oct 14, 2024Verified
If Castor's demand curve is described by q 40 p and Pollux's demand curve is given by q 60 2p, then each of their demand curves will pass through the point q 20, p 20.Therefore if they are the only two consumers in a market, the market demand curve will also pass through q 20, p 20.
Market Demand
The total amount of a product or service that all consumers in a market are willing and able to buy at various prices.
Point q
Point q may refer to a specific position or location in a diagram or graph, often used in the context of mathematical or economic models.
Point p
Point p could refer to a specific point on a graph or model in economics, representing a particular state or value in the given context.
- Understand the concept of demand curves and how they are represented graphically.
Verified Answer
HM
Learning Objectives
- Understand the concept of demand curves and how they are represented graphically.