Chapter 04 Homework Price (Dollars per pair) Manuel's Quantity Demanded (Pairs) Poornima's Quantity Demanded (Pairs) 56 10 32 40 20 24 30 16 24 12 40 8 4 50 0 E [-> On the following graph, plot Manuel's demand for jeans using the green points (triangle symbol). Next, plot Poornima's demand for jeans using the purple points (diamond symbol). Finally, plot the market demand for jeans using the blue points (circle symbol). Note: Line segments will automatically connect the points. Remember to plot from left to right. PRICE (Dollars per pair) 60 50 40 30 20 10 16 32 48 QUANTITY (Pairs) 64 80 96 Manuel's Demand Poornima's Demand Market Demand ?
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- Suppose that Paolo and Sharon are the only consumers of ice cream cones in a particular market. The following table shows their monthly demand schedules: Price Paolo’s Quantity Demanded Sharon’s Quantity Demanded (Dollars per cone) (Cones) (Cones) 1 8 16 2 5 12 3 3 8 4 1 6 5 0 4 On the following graph, plot Paolo’s demand for ice cream cones using the green points (triangle symbol). Next, plot Sharon’s demand for ice cream cones using the purple points (diamond symbol). Finally, plot the market demand for ice cream cones using the blue points (circle symbol). Note: Line segments will automatically connect the points. Remember to plot from left to right.Apps Suppose that Raphael and Susan are the only consumers of pizza slices in a particular market. The following table shows their weekly demand schedules: Price Raphael's Quantity Demanded Susan's Quantity Demanded (Dollars per slice) (Slices) (Slices) 1 16 3 12 2 8 4. 1 On the following graph, plot Raphael's demand for pizza slices using the green points (triangle symbol). Next, plot Susan'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. (? 6. Raphael's Demand Susan's Demand Market Demand MacBook Air PRICE (Dollars per slice)Suppose that Felix and Janet represent the only two consumers of iced coffee in some hypothetical market. The following table presents their monthly demand schedules for iced coffee: Price (Dollars per cup) Felix's Quantity Demanded Janet's Quantity Demanded (Cups) (Cups) 1 8 12 2 5 8 3 3 6 4 1 4 5 0 2 On the following graph, plot Felix's demand for iced coffee using the green points (triangle symbol). Next, plot Janet's demand for iced coffee using the purple points (diamond symbol). Finally, plot the market demand for iced coffee using the blue points (circle symbol). Note: Line segments will automatically connect the points. Remember to plot from left to right. PRICE (Dollars per cup) 0 5 6 8 12 QUANTITY (Cups) 16 20 20 24 Felix's Demand Janet's Demand Market Demand
- Price (Dollars per bottle) 2 PRICE (Dollars per bottle) On the following graph, plot Gilberto's demand for laundry detergent using the green points (triangle symbol). Next, plot Juanita's demand for laundry detergent using the purple points (diamond symbol). Finally, plot the market demand for laundry detergent using the blue points (circle symbol). Note: Line segments will automatically connect the points. Remember to plot from left to right. D 4 6 8 10 10 Gilberto's Quantity Demanded Juanita's Quantity Demanded (Bottles) (Bottles) 15 32 12 24 8 16 4 12 0 8 16 24 32 QUANTITY (Bottles) 40 Gilberto's Demand Juanita's Demand -O- Market DemandOn the following graph, plot Jake's demand for shoes using the green points (triangle symbol). Next, plot Latasha's demand for shoes using the purple points (diamond symbol). Finally, plot the market demand for shoes using the blue points (circle symbol). Note: Line segments will automatically connect the points. Remember to plot from left to right. 60 50 PRICE (Dollars per pair). 8 8 10 0 0 16 32 48 64 QUANTITY (Pairs) 80 96 Jake's Demand Latasha's Demand Market Demand (?Mario and Chris are the only two consumers in a particular market for train tickets. The following table displays the relationship between the price of bus tickets for each consumer and quantity of train tickets demanded per week when the price of train tickets is $4.00 each. $2.00 $3.00 $4.00 $5.00 Price of bus tickets Mario's demand for train tickets 8 6. 4 2 Chris' demand for train tickets 1 2 3 a) Suppose the price of bus tickets is $4. The market demand of train tickets per day is
- The following graph shows Hilary's weekly demand for cheesecake, represented by the blue line. Point A represents a point along her weekly demand curve. The market price of cheesecake is $3.00 per slice, as shown by the horizontal black line From the previous graph, you can tell that Hilary is willing to pay $_______ for her 8th slice of cheesecake each week. Because she has to pay only$3.00 per slice, the consumer surplus she gains from the 8th slice of cheesecake is $_______. Suppose the price of cheesecake were to fall to $2.25 per slice. At this lower price, Hilary would receive a consumer surplus of $_______.from the 8th slice of cheesecake she buys.The following graph shows the weekly market demand for cheesecake in a small economy. Use the purple point (diamond symbol) to shade the area representing consumer surplus when the price (P) of cheesecake is $3.00 per slice. Then, use the green point (triangle symbol) to shade the area representing additional consumer surplus when the…Price Felix's Quantity Demanded Janet's Quantity Demanded (Dollars per cone) (Cones) (Cones) 1 6 16 12 3 2 8 4 1. 5 4 On the following graph, plot Felix's demand for ice cream cones using the green points (triangle symbol). Next, plot Janet's demand for ice cream cones using the purple points (diamond symbol). Finally, plot the market demand for ice cream cones using the blue points (circle symbol). Note: Line segments will automatically connect the points. Remember to plot from left to right. (? 5 Felix's Demand Janet's Demand Market Demand 1 12 16 20 24 QUANTITY (Cones) PRICE (Dollars per cone)CO 95 90 Macmillan Learning @ The accompanying table contains the individual demand schedules of dark chocolate for Vanessa and Angela. Assuming they are the only people in the market for dark chocolate, place each of their individual demand curves and the market demand curve at the correct locations on the accompanying graph. Price of dark chocolate (per pound) $8 $1 Pounds of dark chocolate demanded by Vanessa 1 3 Pounds of dark chocolate demanded by Angela 3 5 Market for Dark Chocolate , 10 Vanessa 9 26.789 rice of dark chocolate ($/lb) 5 8 7 AUG 30 Angela " W Market
- The owner of Grand Central Bookstore is looking into the sales of its Health & Fitness magazine section. She finds that her equilibrium is at 800 magazines per month sold at an average price of $4.75 per magazine. When the price of these Health & Fitness magazines rose to $5.00 each, the quantity sold fell to 725 magazines per month, while the quantity supplied to her increased to 900 a month. From the scenario described, answer the questions below. Draw an appropriate graph for Grand Central’s Bookstore’s to illustrate this change in the Health & Fitness magazines market position when the price rises to $5.00. Calculate the price elasticity of demand for the Health & Fitness magazines between prices $4.75 and $5.00. Is it elastic or inelastic? How do you know? Calculate the price elasticity of supply for the Health & Fitness magazines between prices $4.75 and $5.00. Is it elastic or inelastic? How do you know based on your answer? The owner also noticed that…The following table presents the monthly demand and supply in the market for sweatpants in Miami. Price Quantity Demanded (Dollars per pair of sweatpants) (Pairs of sweatpants) 6 12 18 24 30 PRICE (Dollars per pair of sweatpants) 36 On the following graph, plot the demand for sweatpants using the blue point (circle symbol). Next, plot the supply of sweatpants using the orange point (square symbol). Finally, use the black point (plus symbol) to indicate the equilibrium price and quantity in the market for sweatpants. Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically. (?) 30 + 18 0 0 300 1,650 1,350 1,200 900 750 600 900 1200 QUANTITY (Pairs of sweatpants) 1500 Quantity Supplied (Pairs of sweatpants) 1800 300 600 750 1,350 1,800 Demand O Supply ++ EquilibriumThe following graph shows Musashi's weekly demand for cheesecake, represented by the blue line. Point A represents a point along his weekly demand curve. The market price of cheesecake is $3.00 per slice, as shown by the horizontal black line. From the previous graph, you can tell that Musashi is willing to pay _____ for his 8th slice of cheesecake each week. Because he has to pay only $3.00 per slice, the consumer surplus he gains from the 8th slice of cheesecake is ________. Suppose the price of cheesecake were to fall to $2.25 per slice. At this lower price, Musashi would receive a consumer surplus of ______ from the 8th slice of cheesecake he buys. (Find answers by using graph)