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Individual demand refers to the amount of a product or service that a single consumer is willing and able to purchase at varying price levels. In this exercise, we are looking at two tenants of a mall: a television store and an ice-cream store. Each has its own demand for guard services, represented by unique demand functions.

The television store's demand for guard services is given by the equation \( q_1 = a_1 + b_1p \). Similarly, the ice-cream store's demand is \( q_2 = a_2 + b_2p \). Here, \( q_1 \) and \( q_2 \) indicate the quantity of guard services each store requires, while \( a_1, b_1, a_2, \) and \( b_2 \) are constants specific to each store.

The constant term in each equation, \( a_1 \) and \( a_2 \), reflects the quantity demanded when the price, \( p \), is zero. These constants show us the baseline demand independent of price. The term \( b_1p \) or \( b_2p \) accounts for the demand change as the price of guard services fluctuates.

Aggregate demand compiles the individual demands from all participating consumers into a single total demand for a particular good or service.

In our scenario, the social demand for guard services is actually the aggregate demand, as it combines the individual demands from both the television store and the ice-cream store. Each of these stores requires guard services, and together, they sum up to form the social demand.

Therefore, the aggregate demand is computed as \( q = q_1 + q_2 \), which translates to \( (a_1 + b_1p) + (a_2 + b_2p) \). Here, \( q \) represents the overall demand for guard services from both tenants combined.

The demand function is a mathematical representation displaying the relationship between quantity demanded and various factors, most commonly price. In this exercise, the demand functions are presented for each store individually and then combined to illustrate social demand.

For the television store, the demand function is \( q_1 = a_1 + b_1p \), and for the ice-cream store, it is \( q_2 = a_2 + b_2p \). When these demands are aggregated, the resulting demand function for the social use of guard services becomes:
\[ q = (a_1 + a_2) + (b_1 + b_2)p \]
This equation effectively describes how many hours of guard services are required at any given price, considering both stores' combined needs.

Price sensitivity refers to the extent to which the quantity demanded of a good responds to price changes. It is an essential concept when examining how demand varies with altering costs.

Within the demand functions \( q_1 = a_1 + b_1p \) and \( q_2 = a_2 + b_2p \), the terms \( b_1 \) and \( b_2 \) are pivotal. These coefficients measure how sensitive each store's demand is to changes in the price of guard services.
When evaluating the social demand equation \[ q = (a_1 + a_2) + (b_1 + b_2)p \], the sum \( b_1 + b_2 \) represents the overall price sensitivity of the two stores combined. The greater the value of \( b_1 + b_2 \), the more reactive the social demand is to changes in price.