3. Individual and market demand Suppose that Manuel and Poornima are the only consumers of pizza slices in a particular market. The following table shows their annual demand schedules: Price Manuel’s Quantity Demanded Poornima’s Quantity Demanded (Dollars per slice) (Slices) (Slices) 1 30 80 2 15 60 3 10 40 4 5 30 5 0 20 On the following graph, plot Manuel’s demand for pizza slices using the green points (triangle symbol). Next, plot Poornima’s demand for pizza slices using the purple points (diamond symbol). Finally, plot the market demand for pizza slices using the blue points (circle symbol). Note: Line segments will automatically connect the points. Remember to plot from left to right. Manuel’s DemandPoornima’s DemandMarket Demand020406080100120654321
3. Individual and market demand Suppose that Manuel and Poornima are the only consumers of pizza slices in a particular market. The following table shows their annual demand schedules: Price Manuel’s Quantity Demanded Poornima’s Quantity Demanded (Dollars per slice) (Slices) (Slices) 1 30 80 2 15 60 3 10 40 4 5 30 5 0 20 On the following graph, plot Manuel’s demand for pizza slices using the green points (triangle symbol). Next, plot Poornima’s demand for pizza slices using the purple points (diamond symbol). Finally, plot the market demand for pizza slices using the blue points (circle symbol). Note: Line segments will automatically connect the points. Remember to plot from left to right. Manuel’s DemandPoornima’s DemandMarket Demand020406080100120654321
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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3. Individual and market demand
Suppose that Manuel and Poornima are the only consumers of pizza slices in a particular market. The following table shows their annual demand schedules:
|
|
Manuel’s Quantity Demanded
|
Poornima’s Quantity Demanded
|
|---|---|---|
|
(Dollars per slice)
|
(Slices)
|
(Slices)
|
| 1 | 30 | 80 |
| 2 | 15 | 60 |
| 3 | 10 | 40 |
| 4 | 5 | 30 |
| 5 | 0 | 20 |
On the following graph, plot Manuel’s demand for pizza slices using the green points (triangle symbol). Next, plot Poornima’s demand for pizza slices using the purple points (diamond symbol). Finally, plot the market demand for pizza slices using the blue points (circle symbol).
Note: Line segments will automatically connect the points. Remember to plot from left to right.
Manuel’s DemandPoornima’s DemandMarket Demand020406080100120654321
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