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Suppose an individual inverse demand curve is given as P = 4 - 1/4 qi, where qi is the quantity demanded by individual i. There are 50 individual consumers with this identical, individual inverse demand curve. Solve for the market demand curve. b) The estimated demand function for avocados is Q=104-40p+20pt+0.01Y. How would a $1,000 per year increase in per capita income, Y, affect the quantity demanded of avocados? Graphically what would happen to the demand curve? (You don’t have to draw a graph, just state whether the demand curve would shift and in what direction) c) If the U.S. supply function for corn is Qa=10+10p and the supply function of the rest of the world for corn is Qr=5+20p, what is the world supply function?
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