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Homework answers / question archive / Homework (Ch 03) 2
Homework (Ch 03) 2. Individual and market demand Suppose that Shen and Valerie are the only consumers of pizza slices in a particular market. The following table shows their annual demand schedules: Price (Dollars per slice) Shen's Quantity Demanded (Slices) 40 Valerie's Quantity Demanded (Slices) 80 1 2 25 60 3 15 40 4 5 20 5 0 10
0 X On the following graph, plot Shen's demand for pizza slices using the green points (triangle symbol). Next, plot Valerie's demand for pizza silos using the purple points (diamond symbol). Finally, plot the market demand for pizza slices using the blue points (circle symbol). Tools Shen's Demand Valerie's Demand PRICE (Dollars per slice) 3 Market Demand 1.00 120 40 60 QUANTITY (Slices)
Now, suppose that Valerie moves away, leaving Shen as the only consumer in the market. As a result, there will be a market demand curve because there will be a change in quantity demanded the
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