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Aggregate demand
The figure below shows the demand curve for good X for two different consumers. Assume that there are no other consumers in the market for good X.
a) Find the aggregate demand curve for the market for good X and indicate what calculations you have done to find the key points that allowed you to trace out the curve.
b) What is the marginal WTP for the second unit of the good (i) for consumer 1? (ii) for consumer 2?
c) What is the aggregate WTP for the second unit of the good? Climate change
Some people argue that we should not be worried about climate change because the earth has already been much warmer in the past than it is now, yet life on earth nevertheless flourished in those times. What is wrong with this argument?
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