Answer to Question #294243 in Microeconomics for anee

Question

am. M

*1.4 Suppose that the demand function for movies

is Q1 = 120 - p for college students and

Q2 = 60 - 0.5p for other town residents. What is

the town’s total demand function (Q = Q1 + Q2 as

a function of p)? Carefully draw a figure to illustrate

your answer.

Answer 1

$Q=Q_1+Q_2=120-p+60-0.5p=180-1.5p,$

$Q=0,$

$p=\frac{180}{1.5}=120.$