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How would you go about deriving a demand curve for this commodity using neo-classical economics? Make sure you outline all the steps in the process – all the way from preferences to the actual demand curve. Also, do derive an individual demand curve and then a market demand curve.
Would your approach change if you were using institutional economics? If so how? If not, why not?
What shape does the demand curve for your commodity have? (Is it upward sloping? downward sloping? Or… what ?) Explain why you think a market demand curve for this commodity would have this shape.
