The table shows Max’s, Igor’s, and Liza’s demand schedules for potatoes. Assume that Max, Igor, and...
- The table shows Max’s, Igor’s, and Liza’s demand schedules for potatoes. Assume that Max, Igor, and Liza comprise the entire market and complete the table by calculating the market demand schedule.
|
Price (EUR per kilogram) |
Quantity demanded (kilograms per week) |
|||
|
Max |
Igor |
Liza |
Market |
|
|
€0.50 |
10 |
4 |
10 |
|
|
0.75 |
9 |
2 |
7 |
|
|
1.00 |
8 |
0 |
4 |
|
|
1.25 |
7 |
0 |
1 |
|
Label the x-axis and y-axis. On the diagram below, draw the market demand curve.
Homework Answers
Market demand = Quantity demanded by Max + Quantity demanded by Igor + Quantity demanded by Liza
Data table:
| Price | QD (Max) | QD (Igor) | QD (Liza) | Market Demand |
| 0.5 | 10 | 4 | 10 | 24 |
| 0.75 | 9 | 2 | 7 | 18 |
| 1 | 8 | 0 | 4 | 12 |
| 1.5 | 7 | 0 | 1 | 8 |
Graph:
Add Answer to:
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