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12. You are told that Mouliya purchases 10 oranges when the price of each orange is $0.20. You also know that for every $0.10 increase in price Mouliya purchases one less orange. Mouliya's demand curve is linear. i. In the space below draw a sketch of Mouliya's demand curve given the above information. Your sketch should identify two points that lie on this demand curve (give numerical values for the coordinates of these two points). Your sketch should have both axes labeled as well as the demand curve. Price of Oranges. $0.30 $0.20 (9,$0.30) 9 10 (10, $0.20) Demand Quantity of Oranges ii. Given the above information write an equation for Mouliya's demand curve for oranges using P as the symbol for the price per orange and q as the symbol for the quantity of oranges demanded by Mouliya. For full credit show your work in deriving this equation. iii. Suppose there are twenty individuals in all (including Mouliya) in this market and all of these individuals have identical demand curves based on the information you were given about Mouliya. Provide a verbal explanation of how you would find the market demand curve. iv. Find this market demand curve using P as the price per orange and Q as the total quantity demanded by these twenty individuals. (Hint: you may find it helpful to draw a sketch of Mouliya's demand curve and a separate sketch of the market demand curve.) Show your work to get full credit.

12. You are told that Mouliya purchases 10 oranges when the price of each orange is $0.20. You also know that for every $0.10 increase in price Mouliya purchases one less orange. Mouliya's demand curve is linear. i. In the space below draw a sketch of Mouliya's demand curve given the above information. Your sketch should identify two points that lie on this demand curve (give numerical values for the coordinates of these two points). Your sketch should have both axes labeled as well as the demand curve. Price of Oranges. $0.30 $0.20 (9,$0.30) 9 10 (10, $0.20) Demand Quantity of Oranges ii. Given the above information write an equation for Mouliya's demand curve for oranges using P as the symbol for the price per orange and q as the symbol for the quantity of oranges demanded by Mouliya. For full credit show your work in deriving this equation. iii. Suppose there are twenty individuals in all (including Mouliya) in this market and all of these individuals have identical demand curves based on the information you were given about Mouliya. Provide a verbal explanation of how you would find the market demand curve. iv. Find this market demand curve using P as the price per orange and Q as the total quantity demanded by these twenty individuals. (Hint: you may find it helpful to draw a sketch of Mouliya's demand curve and a separate sketch of the market demand curve.) Show your work to get full credit.

Operations Research : Applications and Algorithms
Operations Research : Applications and Algorithms
4th Edition
ISBN:9780534380588
Author:Wayne L. Winston
Publisher:Wayne L. Winston
Chapter11: Nonlinear Programming
Section11.1: Review Of Differential Calculus
Problem 6P
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12. You are told that Mouliya purchases 10 oranges when the price of each orange is $0.20. You also know that for every $0.10 increase in price Mouliya purchases one less orange. Mouliya's demand curve is linear. i. In the space below draw a sketch of Mouliya's demand curve given the above information. Your sketch should identify two points that lie on this demand curve (give numerical values for the coordinates of these two points). Your sketch should have both axes labeled as well as the demand curve. Price of Oranges $0.30 Stual $0.20 (9,$0.30) 9 10 (10, $0.20) Demand Quantity of Oranges ii. Given the above information write an equation for Mouliya's demand curve for oranges using P as the symbol for the price per orange and q as the symbol for the quantity of oranges demanded by Mouliya. For full credit show your work in deriving this equation. iii. Suppose there are twenty individuals in all (including Mouliya) in this market and all of these individuals have identical demand curves based on the information you were given about Mouliya. Provide a verbal explanation of how you would find the market demand curve. iv. Find this market demand curve using P as the price per orange and Q as the total quantity demanded by these twenty individuals. (Hint: you may find it helpful to draw a sketch of Mouliya's demand curve and a separate sketch of the market demand curve.) Show your work to get full credit.
Transcribed Image Text:12. You are told that Mouliya purchases 10 oranges when the price of each orange is $0.20. You also know that for every $0.10 increase in price Mouliya purchases one less orange. Mouliya's demand curve is linear. i. In the space below draw a sketch of Mouliya's demand curve given the above information. Your sketch should identify two points that lie on this demand curve (give numerical values for the coordinates of these two points). Your sketch should have both axes labeled as well as the demand curve. Price of Oranges $0.30 Stual $0.20 (9,$0.30) 9 10 (10, $0.20) Demand Quantity of Oranges ii. Given the above information write an equation for Mouliya's demand curve for oranges using P as the symbol for the price per orange and q as the symbol for the quantity of oranges demanded by Mouliya. For full credit show your work in deriving this equation. iii. Suppose there are twenty individuals in all (including Mouliya) in this market and all of these individuals have identical demand curves based on the information you were given about Mouliya. Provide a verbal explanation of how you would find the market demand curve. iv. Find this market demand curve using P as the price per orange and Q as the total quantity demanded by these twenty individuals. (Hint: you may find it helpful to draw a sketch of Mouliya's demand curve and a separate sketch of the market demand curve.) Show your work to get full credit.
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