Business, 29.02.2020 00:56 ariannanykole1

Hugh, Frank, and Luis are the only three buyers of gold in a small mining town. Their inverse demand functions for gold are as follows: 480.00 48.00 x Qn, Hugh: p Frank: p 80.00 - 8.00 x Qf, Luis: p 20.00 - 2.00 x QL QH. QF, and are the quantities (in ounces) demanded by Hugh, Frank, and Luis, respectively Below, give all answers to two decimals. 1st attempt See Hint (1 point) Part 1 $20.00. The total ounces of gold demanded in this market is Suppose the price of an ounce of gold is p = See Hint (1 point) Part 2 Suppose the quantity demanded of gold in this market is 16.50 ounces. Then the market price of an ounce of gold must be $

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Hugh, Frank, and Luis are the only three buyers of gold in a small mining town. Their inverse demand...

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