Question 2 [18 points] Consider the market for a good in which there are two income groups of buyers. There are 8 buyers

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Question 2 [18 points] Consider the market for a good in whichthere are two income groups ofbuyers. There are 8 buyers with income $100 and 10 buyers withincome $150. All buyers havethe same utility function u = 32q − q
2 + m, where q denotes the amount of the good and m the
money left after buying the good. Denote the price of the goodby p.(a) [5 points] For each income group, determine the individualdemand of a buyer.(b) [5 points] Find the market demand and draw the demandcurve.(c) [4 points] Suppose price p = 10. Consider an individual buyerin income group $100.Determine at this price how much money is left with the buyer afterbuying the good.(d) [4 points] Suppose price p = 12. Consider an individual buyerin income group $150.Determine at this price how much money is left with the buyer afterbuying the good.