Consider a market where there are just two consumers and suppose their demands for the good are given as follows:

Calculate the market demand for the good.

P	d1	d2
1	9	24
2	8	20
3	7	18
4	6	16
5	5	14
6	4	12

Suppose there are two consumers in the market for a good and their demand functions are as follows:

d₁(p) = 20 – p for any price less than or equal to 20, and d₁(p) = 0 at any price greater than 20.

d₂(p) = 30 – 2p for any price less than or equal to 15 and d₁(p) = 0 at any price greater than 15.

Find out the market demand function.

Suppose there are 20 consumers for a good and they have identical demand functions:

d(p) = 10 – 3p for any price less than or equal to 10/3 and d₁(p) = 0 at any price greater than 10/3.

What is the market demand function?

What do you mean by a normal good?

What do you mean by an ‘inferior good’? Give some examples.