Find the equation for the aggregate demand for bottled water

Reference no: EM133661673

Problem

Anna demand for bottled water is given by the equation Q= 8 - 0.5P. Bob's demand is Q = 6 - P.

A. Graph Anna and Bob's respective individual MB curves in economics' conventional fashion, each in its own graph.

B. Calculate Anna and Bob's respective WTP for the fourth bottle of water. Illustrate graphically.

C. Calculate Anna and Bob's respective TB from consuming three bottles of water. Illustrate graphically.

D. Graph the aggregate MB curve for bottled water, assuming Anna and Bob are the only consumers in the bottled water market.

E. Find the equation for the aggregate demand for bottled water, assuming Anna and Bob are the only consumers in the bottled water market.

F. Determine how many bottles of water will be purchased in the market at a price of $10/bottle. Illustrate graphically.

G. Calculate aggregate from consuming bottled water at $10/bottle. Illustrate graphically.

H. Calculate aggregate CS from consuming bottled water at $10/bottle. Illustrate graphically.

I. Determine how many bottles of water will be purchased at a price of $4/bottle. Illustrate graphically.

J. Calculate aggregate TB from consuming bottled water at $4/bottle. Illustrate graphically.

K. Calculate aggregate CS from consuming bottled water at $4/bottle. Illustrate graphically. 12. If 2 producers make up the supply side of the market, producer 1's marginal cost equation is ????% = 2.5 + 2??1 and ???? = 2.5 + 1.5??2 , find and graph the equation for aggregate MC.

L. What is the MC of the 10th bottle of water?

M. How many bottles of water will be produced if the market price is $10/bottle?

N. Calculate PS for the market as a whole as well as for each producer from selling bottled water at a price of $4/bottle.

Reference no: EM133661673

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