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Consider a small community made up of two individuals, Joseph and Michael. The local hardware store is selling table lamps at a price of 6 dollars per lamp. Joseph’s demand for lamps is given by: qJ = (18−3P 0≤P<6
(0 P≥6,
where P denotes the price per lamp. Michael’s demand for lamps is given by: qM= ( 15−3P 0≤P<10
( 0 P ≥ 10
(a) Graph the aggregate demand for lamps, along with the individual demand curves.
(b) Derive the total number of lamps that will be purchased.
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