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PLEASE ANSWER CAREFULLY AND CORRECTLY! ANSWERS MUST BE CLEAR TO READ! THANKS!

3. Individual and market demand Suppose that Hubert and Kate are the only consumers of shoes in a particular market. The following table shows their annual demand schedules: Price (Dollars per pair) 10 20 Huberts Quantity Demanded (Pairs) Kates Quantity Demanded (Pairs) 64 48 32 16 20 12 4 40 50

On the following graph, plot Huberts demand for shoes using the green points (triangle symbol). Next, plot Kates demand for shoes using the purple points (diamond symbol). Finally, plot the market demand for shoes using the blue points (circle symbol). Line segments will automatically connect the points. Remember to plot from left to right. 60 50 Huberts Demand Kates Demand 30 r1 Market Demand C 20 16 32 48 64 80 93 QUANTITY (Pairs)

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Answer #1

Price (Dollars per price)

Hubert's Demand

Kate's Demand

Market Demand

10

32

64

96

20

20

48

68

30

12

32

44

40

4

16

20

50

0

8

8

110 100 90 80 g 70 60 8 50 E 40 30 Huberts Demand Kates Demand Market Demand 20 10 16 32 48 64 Quantity (Pairs)

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