Homework Answers
Market demand at a specified price is the sum total of each
individual buyer's demand at that specified price.
In the given case,
At the price of $10 per unit, John demands 100 units and Mary demands 130 units.
So,
Market demand = Quantity demanded by John + Quantity demanded by Mary
Market demand = 100 units + 130 units = 230 units
Thus, at the price of $10 per unit, market demand is 230 units.
Similarly, market demand at other prices can be calculated.
Following is the complete table -
| Price | Quantity demanded by John | Quantity demanded by Mary |
Quantity demanded (Market Demand) |
| $10 | 100 | 130 | 230 |
| $12 | 80 | 120 | 200 |
| $14 | 50 | 100 | 150 |
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