SELECT * FROM question_mgmt as q WHERE id=10220 AND status=1 SELECT id,question_no,question,chapter FROM question_mgmt as q WHERE courseId=3 AND subId=60 AND chapterId=609 and ex_no='1' AND status=1 ORDER BY CAST(question_no AS UNSIGNED) CBSE Free NCERT Solution of 12th micro-economics Theory of Consumer Behaviour suppose there are 20 consumers for a good and they

Question:

Suppose there are 20 consumers for a good and they have identical demand functions: 

d(p)=10–3pd(p)=10–3p for any price less than or equal to 103103 and d1(p)=0d1(p)=0 at any price greater than 103.

Answer:

d(p) = 10 – 3p ≤ if
d1 (p) =0 if p
Market demand= summation of demand of all the consumers in the market for prices Market demand = 20 (since consumers have identical demand curve)
= 20
= 200-60p
For price Market demand = 20
= 20 ×0 =0
Market demand function= 200-60p =0


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