The Market Supply Curve of Rubber Erasers Is Given by Q_S

question 101

Essay

The market supply curve of rubber erasers is given by Q_S = 35,000 + 2,000P. The demand for rubber erasers can be segmented into two components. The first component is the demand for rubber erasers by art students. This demand is given by q_A = 17,000 - 250P. The second component is the demand for rubber erasers by all others. This demand is given by q_O = 25,000 - 2000P. Derive the total market demand curve for rubber erasers. Find the equilibrium market price and quantity. Also, determine the consumer surplus for each component of demand.

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Definitions:

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