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Bubba loves shrimp. His individual demand curve is qd = 100 − 4P . (a) What...

Bubba loves shrimp. His individual demand curve is qd = 100 − 4P . (a) What is Bubba’s price elasticity of demand if the price of shrimp is $10? (b) The price of shrimp goes up due to a global craze for shrimp cocktails. What is Bubba’s price elasticity of demand at a price of $20? (c) Bubba is not the only shrimp-lover. In fact there are 999 other consumers (for a grand total of 1000) in the shrimp market. What is the aggregate demand curve? (d) Re-evaluate your answers to (a) and (b) for the aggregate demand curve. Do your results make intuitive sense?

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