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What happens to market demand

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Reference no: EM132137987

Manny, Moe and Jack have the following demand curves for pears:

QManny = 100 - 2P = 70 - 2P + 10 Ppear + .25 YManny where P Pear = 2 and YManny = 40.

QMoe = 300 - 4P = 80 - 4P + 35 Ppear + .75 YMoe where P Pear = 2 and YMoe = 200.

QJack = 210 - 5P = 60 - 5P + 15 Ppear + .5 YJack where P Pear = 2 and YJack = 240 .

a. Find the market demand curve for pears if these three guys are the only individuals in the market.

b. Suppose we wish to create perfectly equalitarian society where each guy has an income of 160. Let's tax Jack 80 dollars and Moe 40 dollars. Then let's use those tax revenues to raise Manny's income by 120 dollars. What happens to market demand?

Reference no: EM132137987

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