Hello guys,

I hope you can help me with the following question, and give me an explanation to the answer:

D) if consumer 1 has the inverse demand function given by p=15-x and consumer 2 has the inverse demand function given by p=20-3x, then the total quantity demand by the two consumers is x=7, when the price p, is p=11

I need an explanation for this,

Thank you :-)!

Will be thankfull, and donate FG ofc.

plug your price of 11 into the two equations to solve for individual quantity demanded at the price of 11

Saber_x3 has it right by saying plug in the price to each of the consumers equation

Step 1: consumer 1: p = 15 - x ------------> 11 = 15 - x -----------> -x = -4 -----------> x = 4 and therefore the quantity demanded is 4 for consumer 1

Step 2: consumer 2: p = 21 - 3x ------------> 11 = 20 - 3x -------------> -9 = -3x -----------> -x = - 3 ---------> x = 3 and therefore the quantity demanded is 3 for consumer 2

Step 3: the total: The total quantity demanded by the two consumers is simply adding the two up so 3 + 4 = 7 which is the answer you already have.

Yay for open source tutoring

Thanks guys! I fell embraced for asking, now that I realized how simple it was.

What is an appropriate donation for the gesture? Haven't been online in two years haha.