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Consider the market for a good in which there are two income groups of buyers. There are 10 buyers with an income of $70 and 8 buyers with an income of $100. All buyers have the same utility function u = 28q - q2 + m, where q denotes the amount of the good and m the money left after buying the good. Denote the price of the good by p.
(a) For each income group, determine the individual demand of a buyer.
(b) Find the market demand and draw the demand curve.
(c) Suppose price p = 10. Consider an individual buyer in the income group $70. Determine at this price how much money is left with the buyer after buying the good.
(d) Suppose price p = 16. Consider an individual buyer in income group $100. Determine at this price how much money is left with the buyer after buying the good.
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