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: Hugh: p=240.00-40.00 times Q_(H), Frank: p=144.00-24.00 times Q_(F), Luis: p=12.00-2.00 times Q_(L). Q_(H),Q_(F), and Q_(L) are the quantities (in ounces) demanded by Hugh, Frank, and Luis, respectively. Below, giv

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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: Hugh:

p=240.00-40.00\times Q_(H)

, Frank:

p=144.00-24.00\times Q_(F)

, Luis:

p=12.00-2.00\times Q_(L)

.

Q_(H),Q_(F)

, and

Q_(L)

are the quantities (in ounces) demanded by Hugh, Frank, and Luis, respectively. Below, give all answers to two decimals. Part 1 (1 point) Suppose the price of an ounce of gold is

p=$3.00

. The total ounces of gold demanded in this market is

◻

Part 2 (1 point) Suppose the quantity demanded of gold in this market is 10.93 ounces. Then the market price of an ounce of gold must be

$

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