Question

1. Assume Westeros is the home of three kingdoms (Stormlands, Iron Islands, and Dorne). The following table illustrates the how many bushels of oysters each kingdom would be willing to buy each day at various prices. (4 pts.) Copper Pennies per Stormlands Iron Islands Dorne Oyster 10,000 10,500 28,000 8,000 9,000 22,000 6,000 7,500 16,000 Choose one kingdom from the table and draw their demand curve. Label the axes. b. Draw the market demand curve for all of Westeros. Label the axes Page 1 of 7

Answer 1

Price	Stormland	Iron Island	Dorne	Market Demand
3	10000	10500	28000	48500
5	8000	9000	22000	39000
7	6000	7000	16000	29000

a) Demand curve for Stormland is

Picbear Demand for Stormlond å 16 24 32 40 48 (In Thousand) Quent Puentition •

b) Market demand equals summation of demand for all kingdoms at every price level.

3 nema Demand for Stonnland I 8 16 24 32 40 (In Thousand)