Macmillan Learning The accompanying table contains the individual demand schedules of dark chocolate for Vanessa and Angela. 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 ($/lb) Price of dark chocolate (per pound) 10 9 8 7 6 5 4 3 2 1 0 0 $8 $1 1 Pounds of dark chocolate demanded by Vanessa Vanessa 1 Market for Dark Chocolate Angela 3 2 3 4 5 6 7 Quantity of dark chocolate (pounds) Market 8 9 10 Pounds of dark chocolate demanded by Angels 3 5 After a while, Angela gets sick of eating the bitter chocolate and decides to cut back on dark chocolate and enjoy white chocolate more. What happens as a result of Angela's decision? Select all of the correct answers. Angela's individual demand for dark chocolate decreases. Vanessa's individual demand for dark chocolate increases to compensate for Angela's decreased demand. Angela's individual demand for white chocolate increases. The market demand for dark chocolate will decrease.

Macmillan Learning The accompanying table contains the individual demand schedules of dark chocolate for Vanessa and Angela. 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 ($/lb) Price of dark chocolate (per pound) 10 9 8 7 6 5 4 3 2 1 0 0 $8 $1 1 Pounds of dark chocolate demanded by Vanessa Vanessa 1 Market for Dark Chocolate Angela 3 2 3 4 5 6 7 Quantity of dark chocolate (pounds) Market 8 9 10 Pounds of dark chocolate demanded by Angels 3 5 After a while, Angela gets sick of eating the bitter chocolate and decides to cut back on dark chocolate and enjoy white chocolate more. What happens as a result of Angela's decision? Select all of the correct answers. Angela's individual demand for dark chocolate decreases. Vanessa's individual demand for dark chocolate increases to compensate for Angela's decreased demand. Angela's individual demand for white chocolate increases. The market demand for dark chocolate will decrease.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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