Economics Homework Help

Cambridge College Economics Elasticity of Demand Questions

 

I’m studying for my Economics class and don’t understand how to answer this. Can you help me study?

Listed below are the demand curves for CDs for each member of the Parker family.

Family Member Demand

  • Aaron QA = 200 – 3P
  • Betty QB = 100 – 10P
  • Cornwall QC = 150 – P

a) Use this information to determine the Parker’s aggregate family demand for CDs.

b) Graph the aggregate family demand for CDs. Be sure to label your diagram completely.