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Question:

Suppose there are two consumers in the market for a good and their demand functions are as follows:

d1(p) = 20 – p for any price less than or equal to 20, and d1(p) = 0 at any price greater than 20.

d2(p) = 30 – 2p for any price less than or equal to 15 and d1(p) = 0 at any price greater than 15.

Find out the market demand function.

Answer:

d1 (p) 20-p

d2 (p) 30-2p

For price less than Rs 15 ( p ≤ 15)
Market demand for a good = d1(p)+d2(p)
20 – p + 30 – 2p
= 50 – 3p

For price more than Rs 15 but less than Rs 20 (15 < ≤ p 20)
Market demand =d1(p) + d2 (p)
= 0+0 (∵for p>15, d1 ( p) 0,d2(p)=0)
= 0
Thus, market demand
= 50 – 3p if p ≤15
= 20 – p if 15 < ≤ p 20
= 0 if p>20


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