Discuss how to write the demand curve/ Econometrics
In Bayonne, NJ there is a large beauty salon and a number of smaller ones.The total demand function for hair styling per day is Q=180 – 10P, where P is in dollars The marginal cost function of all the small salons together is SMCf = 4+ 0.1Q and the marginal cost function of the dominant or leading salon is MCl= 7+0.1Q
a) Draw a figure showing Dt, SMCf, MCl, Dl, MRt, MRl and the horizontal summation of SMCf and MCl rewrite the demand curve by P = 18 – 0.1Q
