IGCSE ECONOMICSAs a person buys more of a good, the total utility they get from it rises. But it does not rise bythe same amount each time. In fact, it rises by a smaller amount with each good consumed.The extra utility gained from consuming one more unit is called marginal utility.QuestionA demand schedule for the consumption of orange light bulbs is shown below:Price of orange light bulbs Market demand per month50p100 00040p150 000200 00030p20p260 00010p330 0005p400 0001) Plot the demand curve on a piece of graph paper, labelling it correctly. Label the pagedemand curve 22)Use the graph to work out how many orange light bulbs would be demanded at a priceof:PriceNumber of bulbs demanded45p5035p5015p3)Explain the difference between individual demand and market demand.

Demand schedule is a table that shows the quantity of a good or service that consumers are willing…

Answered: 1) 2) Plot the demand curve on a piece…

1) 2) Plot the demand curve on a piece of graph paper, labelling it correctly. Label the page demand curve 2 Use the graph to work out how many orange light bulbs would be demanded at a price of:

ENGR.ECONOMIC ANALYSIS

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ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

IGCSE ECONOMICS
As a person buys more of a good, the total utility they get from it rises. But it does not rise by
the same amount each time. In fact, it rises by a smaller amount with each good consumed.
The extra utility gained from consuming one more unit is called marginal utility.
Question
A demand schedule for the consumption of orange light bulbs is shown below:
Price of orange light bulbs Market demand per month
50p
100 000
40p
150 000
200 000
30p
20p
260 000
10p
330 000
5p
400 000
1) Plot the demand curve on a piece of graph paper, labelling it correctly. Label the page
demand curve 2
2)
Use the graph to work out how many orange light bulbs would be demanded at a price
of:
Price
Number of bulbs demanded
45p
50
35p
50
15p
3)
Explain the difference between individual demand and market demand.

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