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Laurel price elasticity of demand

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Reference no: EM131096139

Laurel's individual demand for Harry Potter books is given by Ql = 50 - 2P . There are N consumers in the market for Harry Potter books in

  1. What is the equation for the market demand for Harry Potter books if all consumers have the same equation for demand as Laurel? 
  2. What is the price elasticity of the market demand for Harry Potter at P = 12.5? Compare it to Laurel's price elasticity of demand at the same price. Which is larger? Why?

Reference no: EM131096139

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