Two types of customers in a market for sheet metal

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There are two types of customers in a market for sheet metal. Let P represent the market price.

The total quantity demanded by Type I consumers is Q1 = 100 - 2P, for 0< P < 50.

The total quantity demanded by Type II consumers is Q2 = 40 - P, for 0< P < 40.

Describe the market demand curve algebraically. In other words, show how the quantity demanded in the market Q_m depends on P.

If the price of a sheet metal is $30, what is the consumer surplus in each market segment?

Reference no: EM13839798

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