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Compute Market demand and draw a demand curve
Compute Market demand and draw a demand curve. Also show shifts in demand curve. (Label diagram properly) MARKET DEMAND SCHEDULE (6Mark) PRICE CONSUMERI CONSUMER CONSUMER CONSUMER4 MARKET DEMAND |50 25 50 60 40 1 40 30 S8 65 50 25 37 60 72 70 18 40 161 80 80 10 46 70 88 86 50 16 75 90 90
Expert Solution
Market demand curve is the horizontal summation of the individual demand curve, in other it's a sum of demand at given price by different individuals. Demand curve shift when there is a change in the other factors other than price such as income, test and preferences etc. Shift in demand curve indicates increase in demand.
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