Chapter . Chapter03_001

Step 1

Solved Problems
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You must read each slide, and complete any questions on the slide, in sequence.

Question

Three students wish to buy cupcakes for their Economics class. The following individual demand curves are given for Javier, Jia, and Jennifer. Enter the total market demand at each price. Enter each value as a whole number.

 Quantity Demanded (Per person) Price Javier Jia Jennifer Market Demand \$2.00 12 9 18 P5wyMzTFywk= \$2.25 10 8 16 9t4FKuBLmQs= \$2.50 8 6 15 eQTHAoy5fxw= \$2.75 7 4 12 HOObzUzdvKo= \$3.00 7 3 9 aQcEmZyxujg= \$3.25 5 2 8 U1syIiEJmco=
Table
The market demand curve, like an individual demand curve, has a specific quantity at each price. This quantity is the sum of the individual quantities at each price.
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Step 2

Question

This market demand curve qAFwn8k+j1NgAHF+zAQZxS4br10LlNJ2ZPMJvQdtZzHvcXiI00jnTRIphBXEufzRSIvZ/r1e/tQoJRbApEtbyA==, because the total quantity demanded C0zqD4tXs+kur+QpNgGhpPR9l2JqlpBCEXmLKD4NMspzwwiY0iAORkgeigw= as the price decreases.

As the price decreases from \$3.25 to \$2.00, the total quantity demanded increases from 15 to 39. This would result in a downward-sloping market demand curve (an inverse relationship between price and quantity)
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