Question

12

Suppose there are three buyers of candy in a market: Tex, Dex, and Rex. The market demand and the individual demands of Tex, Dex, and Rex are shown below a. Fill in the table (gray-shaded cells) for the missing values Individual Quantities Demanded Total Quantity Demanded Price per Candy Tex Dex Rex $8 12 19 27 17 23

b. Which buyer demands the least at a price of $5? Click to select) The most at a price of $7? (Click to select) c. Which buyers quantity demanded increases the most when the price is lowered from $7 to $6? (Click to select d. Which direction would the market demand curve shift if Tex withdrew from the market? (Click to select What if Dex doubled his purchases at each possible price? (Click to select) e. Suppose that at a price of $6, the total quantity demanded increases from 19 to 38. Is this a change in the quantity demanded or a change in demand? (Click to select)

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